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Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee. Whether it's $1 or $1,000,000 all deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation (CUDGC).

To learn more about CUDGC and the guarantee, visit their website.

How will deposit insurance change if you become a federal credit union? Expand/Collapse

As a federal credit union, Innovation would be regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the unlimited deposit guarantee provided by CUDGC would transition to the level of deposit insurance coverage provided by Canada Deposit Insurance Corporation (CDIC). For more information on Canada Deposit Insurance see the following CDIC Brochure.

For further information on potential upcoming changes to deposit insurance if Innovation becomes a federal credit union, please see our disclosure notice PDF Document.

Will members ever need deposit insurance? Expand/Collapse

It is important to note that deposit guarantee insurance is something that members will likely never need - and that no one has ever lost a single dollar on insured deposits through either CDIC or CUGDC. We are also proud to say that the strength and viability of Innovation Credit Union does not solely rest on deposit guarantees. We continue to adhere to strict liquidity and capital adequacy guidelines and have processes in place to ensure we remain the strong and stable financial institution that we are today and that we have been for many years in the past. Federal regulation will only strengthen these processes and guidelines.

Please click here for additional information on CDIC deposit guarantee.
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