Personality of guarantee
The deposit guarantee is personal. It applies separately to the deposits of each family member, and separately to each joint owner of a deposit account. A person who merely has authority to use the account is not legally considered a joint owner. The guarantee covers all private persons. It is not tied to the depositor’s citizenship or place of residence.
The deposit guarantee applies separately to each family member's deposits.
The deposit guarantee applies separately to each joint owner of a deposit account.
If the depositor holds assets in an account that is under joint ownership, the account is divided equally between the joint owners (unless evidence of a different division is presented), and the deposit guarantee is applied separately on each portion. For example, if two depositors have a joint account in an insolvent bank, the claims of each depositor are compensated up to EUR 100,000, and the money on the account is thus protected to a maximum of EUR 200,000.
A person who merely has authority to use the account is not legally considered a joint owner.
Estate of a deceased person
An estate is considered a separate depositor, and is therefore independently covered to a maximum of EUR 100,000 regardless of the number of estate distributees. The deposit guarantee of the estate does not affect the distributees' depositor- or bank-specific deposit guarantee. This means that if a distributee holds an account in the same bank as the estate, the distributee has his or her own EUR 100,000 guarantee, which is independent of the EUR 100,000 guarantee that applies to the estate. The estate's deposit guarantee is independent until the assets on the estate's account have been entered in the account(s) of the distributee(s), or until they are in the payment transmission process. The estate distribution agreement alone does not affect the estate’s deposit guarantee.
A self-employed entrepreneur (hereinafter sole proprietor) does not have an independent deposit guarantee for his/her business-related deposits. The deposit guarantee of a self-employed entrepreneur includes both the private deposits of the natural person who owns the sole proprietor and the deposits associated with the business practised by the sole proprietor. Irrespective of the number of deposits and accounts, a depositor’s deposits in one bank or banking group are compensated up to EUR 100,000.
Companies fall within the scope of the deposit guarantee regardless of company form or size. Both private deposits and business-related deposits of a self-employed entrepreneur are treated as the deposits of one depositor when calculating the amount of compensation.
Associations and foundations
Associations and foundations fall within the scope of the deposit guarantee.
Depositors falling outside the scope of deposit guarantee
The following are excluded from the deposit guarantee:
- public authorities, such as the State and its institutions, municipalities and joint municipal authorities, and the Government of Åland
- credit institutions, investment firms, management companies, alternative investment fund managers (AIFMs), and financial institutions
- insurance companies, insurance associations, pension foundations and insurance funds.
Customers of Finnish banks operating abroad
Deposits are guaranteed by the deposit guarantee of the country where the deposit bank was authorised in. Deposit guarantee is not tied to the depositor’s citizenship or place of residence.