Up to what amount is my money protected?
Your money is automatically protected, from 1 cent up to €100,000. This protection applies per person, per bank. Additional temporary protection applies when you buy or sell your house.
What is deposit guarantee?
Deposit guarantee means that the money in your bank accounts is guaranteed up to €100,000, even if your bank goes bankrupt. This protection does not apply to investment products, such as shares and bonds, insurance products and virtual currencies such as bitcoin. Protection varies in the following cases.
Joint accounts are also protected from 1 cent up to €100,000 per person. So, if you and your partner have a joint account, then your maximum protection is €200,000.
One bank, multiple brand names
Most banks operate under a single brand name, but there are also banks with several brand names. The maximum amount of €100,000 applies per person, per bank. The money in the accounts you hold with the different brand names of the same bank is added together. This total amount is protected up to €100,000 per person. To check this, your bank can always provide an overview of the different brand names it uses.
The following sample calculations clarify your protection in several situations.
You and your partner hold a joint account
Suppose the balance in this account is €120,000. Both you and your partner can then claim €60,000. This is because the €100,000 maximum applies per person, per bank.
Suppose one of the two account holders also has their own account with the same bank with a balance of €80,000. Then this account holder can claim €100,000 of the total amount of €140,000 (€60,000 + €80,000). In this case you are not fully protected. The other account holder will receive €60,000.
You hold multiple accounts
Suppose your savings account balance is €90,000, while you have €15,000 in your payment account with the same bank. Then you can claim €100,000 of the total of €105,000. This is because the total amount of your savings and/or payment accounts together will be compensated up to a maximum of €100,000 per person, per bank.
Deposits held for buying or selling a house
Additional protection applies to a temporary deposit held for buying or selling a house. It covers an amount of up to €500,000 up to three months after the deposit is made. This guarantee is on top of the regular €100,000 guarantee.