Voluntary deposit protection
Voluntary deposit insurance offers additional protection beyond statutory protection, although banks can set individual limits.
protection of deposits in the EU
In the European Union, the protection of bank customers’ deposits is ensured by various measures and guidelines, including deposit guarantee schemes. These systems offer protection for customers’ deposits up to a set amount in the event of a bank’s insolvency. In addition to the statutory deposit guarantee (EinSig), there is also the option of voluntary deposit guarantee, which can offer customers additional protection and security.
Advantages of voluntary deposit protection
Voluntary deposit guarantee schemes aim to strengthen confidence in the EU banking and financial system by providing protection that goes beyond legal requirements. They complement national guarantee schemes and help to reduce the potential impact of bank insolvencies on the economy and on customers. For bank customers, their bank’s participation in a voluntary deposit guarantee scheme means an additional safety net that goes beyond the protection provided by law.
Voluntary EU Deposit Guarantee Scheme
Functionality
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For customers of banks participating in the voluntary EU deposit guarantee scheme, this means increased protection of their deposits. This is particularly relevant for customers whose amounts exceed the statutory protection limit. In the event of a bank insolvency, they could thus be entitled to compensation that goes beyond the standard protection.