Deposit Insurance

Credit unions have a long history of resilience and supporting our Members and their goals. You can trust that your deposits with PenFinancial are insured for up to $250,000 under certain registrations, and for unlimited coverage on registered deposits. This is a credit union specific advantage maintained through FSRA with the goal of protecting Member investments with PenFinancial Credit Union.


What is FSRA?

The Financial Services Regulatory Authority of Ontario (FSRA) is an Ontario Provincial Agency that protects depositors of Ontario credit unions from loss of their deposits. Your deposits are automatically insured by FSRA, and there are no additional fees for this insurance.


How much is covered?

  • All insurable non-registered deposits are covered up to $250,000.
  • All insurable deposits in registered accounts have unlimited deposit coverage.
  • Individual deposits are insured up to a combined $250,000 per person.
  • Joint accounts are eligible for an additional $250,000 of protection.
  • For more information and examples, please visit


What types of deposits are insured under FSRA?

FSRA insures Canadian dollar deposits in the following non-registered products:
  • Chequing accounts
  • Savings accounts
  • GICs
  • Index-linked GICs
  • Money orders, certified cheques and bank drafts
  • Deposits held in trust 
FSRA automatically insures all eligible Canadian deposits in the following types of registered accounts:
  • Tax-Free Savings Accounts (TFSA)
  • Registered Retired Savings Plan (RRSP)
  • Registered Retirement Income Fund (RRIF)
  • Registered Education Savings Plan (RESP)
  • Registered Disability Savings Plan (RDSP)
  • Life Income Fund (LIF)
  • Locked-in Retirement Account (LIRA)
  • Locked-in Retirement Income Fund (LRIF)


What’s Not Covered?

FSRA does not cover the products listed below. For a comprehensive list, please visit

  • Mutual funds, stocks, bonds, and debentures
  • Investment shares (e.g. Niagara Shares)
  • Deposits in foreign currency
  • Treasury bills


Where you put your money matters, Niagara

We believe the prosperity of our Members and our communities go hand in hand.  Each year, we commit a portion of our profits to support truly local initiatives that help our communities thrive.  So, when you bank and invest with PenFinancial, you are investing in a Niagara that thrives.

More about investing with PenFi