Advertisement
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.

Deposit Guarantee Scheme

  • 25-03-2021 11:22PM
    #1
    johnboy8
    Registered Users, Registered Users 2 Posts: 271 ✭✭


    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

  • #2
    garrettod
    Registered Users, Registered Users 2 Posts: 2,482 ✭✭✭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.



  • #3
    johnboy8
    Registered Users, Registered Users 2 Posts: 271 ✭✭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.


  • #4
    garrettod
    Registered Users, Registered Users 2 Posts: 2,482 ✭✭✭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.



Advertisement