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Deposit Guarantee Scheme

  • 25-03-2021 11:22pm
    #1
    Registered Users Posts: 268 ✭✭ johnboy8


    hi,i see the Deposit Guarantee Scheme protects eligible deposits up to a limit of €100,000 per person in the credit institutions covered by the Scheme.....if for example i had more than 100k would i be better off spreading it between a couple of different banks? i am not anticipating a banking meltdown or anything i am just trying to understand the scheme.cheers.


Comments

  • Registered Users Posts: 2,240 ✭✭✭ garrettod


    johnboy8 wrote: »
    hi,i see the Deposit Guarantee Scheme protects eligible deposits up to a limit of €100,000 per person in the credit institutions covered by the Scheme.....if for example i had more than 100k would i be better off spreading it between a couple of different banks? i am not anticipating a banking meltdown or anything i am just trying to understand the scheme.cheers.

    Yes, if you have a concern that a Bank might fail, then max cover is €100k per guaranteed institution, per person. So you could also have funds in your partners seperate deposit account, at the same Bank, for example.

    Thanks,

    G.



  • Registered Users Posts: 268 ✭✭ johnboy8


    'So you could also have funds in your partners seperate deposit account, at the same Bank, for example'......that could be way more volatile(smiley face).thats great,so spread it around.cheers.


  • Registered Users Posts: 2,240 ✭✭✭ garrettod


    johnboy8 wrote: »
    'So you could also have funds in your partners seperate deposit account, at the same Bank, for example'......that could be way more volatile(smiley face).thats great,so spread it around.cheers.

    Yup - essentially doubles the amount covered under the guarantee, without moving funds to a second bank.

    That said, do you run the more serious risk, of never getting your cash back from your partner :D

    * They must be seperate, individually named accounts, btw. One account in joint names is still only covered for €100k.

    Thanks,

    G.



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