What’s Covered?

The guarantee applies to all forms of personal, business and trust deposits held in Saskatchewan credit unions including, but not limited to:

• chequing or savings accounts
• term deposits
• registered plans , such as RRSPs, on deposit in a credit union
• U.S. cash (Canadian equivalent)

"Deposits" are defined as the unpaid balance of money received by a credit union in the course of its business that is held for the credit of a person (individual or entity), including any interest or the unpaid balance.

The guarantee does not include:

• any form of equity or capital, such as membership or investment shares
• mutual funds or other investment programs that are not credit union deposits

Index-linked term deposits are a special case. Your initial deposit, or principal, in an index-linked term deposit is fully guaranteed. The return these deposits realize is linked to the performance of the stock exchange. Therefore, the rate of return cannot be guaranteed. However, repayment of the principal is fully guaranteed. Return is only fully guaranteed once the credit union is holding it.