Is our money safe? The Deposit Guarantee Fund
29/07/2019
Is our money safe?
Should the bank go bankrupt after handing it our money, we would be protected and would recover our money up to a certain amount.
If we have a current account, a savings account or a bank deposit, our money will be guaranteed up to € 100.000 per holder and bank.
For example: If you and your partner have a current account with € 120.000, all the money would be guaranteed. However, if it were € 240.000, only € 200.000 would be guaranteed.
Deposit Guarantee Funds: what are they and what are they for?
The aim of the Guarantee Fund of Deposit is to ensure that consumers will be able to regain their money, to a certain extent, if the bank goes bankrupt. The purpose of the Deposit Guarantee Fund is to ensure that customers and investors will be able to recover their money, up to a certain amount, should the bank go bankrupt.
The following credit institutions must be subscribed to the Deposit Guarantee FundAbre en ventana nueva
- Spanish credit institutions registered in the Banco de España’s Credit Institutions Register.
- The branches of authorized bank entities in a non-member country of the European Union, if deposits or guaranteed values are not guaranteed in the country of origin or if said coverage is not sufficient.
- The subscription is not compulsory for branches of banks authorized in other European Union member countries because there is a guarantee in their country of origin.
