Deposit Guarantee Scheme

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.

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.

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.

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

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