Amount of guaranteed deposits
Funds deposited on a bank account (as well as those still in the payment transmission process) are guaranteed by the assets of the Deposit Guarantee Fund, however, up to a maximum of EUR 100,000.
Subjective scope of the guarantee
Deposit guarantee is personal, not account-specific. Irrespective of the number of accounts, a depositor’s deposits in one bank are compensated up to EUR 100,000. Banks that have partial or full responsibility for each other’s commitments and obligations are considered as one bank in terms of deposit guarantee. Such banks include the member banks of OP Financial Group, the Savings Banks Group and the POP Bank group.
The deposit guarantee also covers interest payable according to the terms and conditions of the account until the date on which the Financial Stability Authority decides on the Deposit Guarantee Fund's liability. However, the interest is included in the maximum compensation amount, and therefore the maximum amount compensated is EUR 100,000, regardless of the interest rate.
Assets obtained from the sale of a residence
Assets obtained from the sale of a residence are an exception to the main rule on the guaranteed amount. The deposit guarantee covers the assets obtained from the sale of one's own residence in full if the assets were deposited on the account no more than six months earlier and if they are intended for the purchase of a new residence for the depositor's own use. The claim is paid in full if the depositor can reliably demonstrate that the claim is based on assets which the depositor has received from the sale of a residence in his or her own use and that the assets will be used to acquire a new residence for the depositor's own use. The section on a Compensation event below describes in more detail how to seek compensation for assets obtained from the sale of a residence.