What do you know about the Deposit Guarantee Scheme?

12/06/2023

The Credit Institutions Deposit Guarantee Scheme (FGD), one of the key institutions in the security network created to provide stability to the Spanish financial system, has launched a website.

This new site offers more content and informative videos to explain its functions and the guarantee it provides to depositors.

In this first video, they explain their main mission, which is none other than to protect our savings and thus reinforce trust in the financial system.

The FGD guarantees monetary deposits such as savings accounts, current accounts, fixed-term deposits, and securities deposits in Spanish credit institutions, up to a maximum of €100,000 per entity and holder, although in some cases this coverage can be increased.

Were a credit institution attached to the FGD to experience problems that prevented it from guaranteeing the funds deposited, this body would answer to customers.

Spanish banks, savings banks and credit unions are required by law to joinAbre en ventana nueva the Scheme, to ensure that the protection, security and trust it offers covers all individuals and most of the legal entities they have as customers.