SPARK 100% Deposit Guarantee

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Credit Union Deposit Guarantee

All of your deposits with SPARK are 100% guaranteed by the Credit Union Deposit Guarantee Corporation. This means that your deposits, both principal and accrued interest, are always safe and secure no matter the amount.

What is the Credit Union Deposit Guarantee?

The Credit Union Deposit Guarantee is a type of deposit insurance unique to Alberta credit unions like SPARK. It covers all deposits including foreign currency deposits and deposits with terms exceeding five years. It is not affected by a credit union changing its name, amalgamating, or entering into similar types of arrangements. This guarantee is offered through the Credit Union Deposit Guarantee Corporation (CUDGC).

Who is the Credit Union Deposit Guarantee Corporation?

The Credit Union Deposit Guarantee Corporation (CUDGC) is an Alberta Provincial Agency whose role is to protect depositors of Alberta Credit unions from loss of their deposits. This deposit guarantee is part of a comprehensive depositor protection program for all Alberta credit unions and is backed by provincial legislation.

How much is covered?

All insurable deposits, registered and non-registered, are guaranteed 100% regardless of amount, and includes accrued interest to the date of payout. 

Is there a fee?

There is no cost to members; premiums are paid to CUDGC by credit unions

What types of deposits are insured under the Credit Union Deposit Guarantee?

CUDGC insures the following deposit products, both registered and non-registered:

  • Chequing accounts
  • Savings accounts
  • RRSP deposits
  • RRIF deposits
  • TFSA deposits
  • Foreign currency deposits
  • Term deposits

What types of deposits are not insured under the Credit Union Deposit Guarantee?

CUDGC does not insure any of the following products, registered or non-registered:

  • Member shares and investment shares issued by the credit union
  • Mutual funds
  • Stocks, bonds and debentures
  • Treasury bills

For more information speak to your SPARK Financial Advisor, or visit the CUDGC website.

You may also download a copy of the Deposit Protection downloadable brochure here.