No. Deposit insurance is not increased merely by dividing funds held in the same right and capacity among the different types of deposits available. For example, chequing and savings accounts held by the same depositor in the same right and capacity are added together and insured up to a maximum of $125,000.
Frequently Asked Questions
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- Misconception: Beneficiaries under all trust account arrangements are insured separately. - Fact: The interests held by beneficiaries established under an irrevocable express trust account are insured separately up to the maximum TT$125,000 prescribed limit. Additionally, interests in accounts held by the Settlor, Trustee or Administrator of an irrevocable trust account are insured separately from the interests of the beneficiaries named under …