Deposit Guarantee Scheme: Who Qualifies and What You Get

This scheme provides a safety net for your money held in authorized banks within Ireland. It ensures that if a financial institution fails, your savings are protected up to a specific limit.

👤Who it's for

This protection is designed for all depositors who hold money in authorized Irish banks. This includes individuals holding personal savings or business accounts within those specific institutions. If you hold funds in any bank that is officially authorized to operate in Ireland, you fall under this protection.

🎁What you get

If a bank or credit institution fails and is unable to pay out your funds, the scheme provides protection for your deposits. The coverage limit is set at up to €100,000 per institution. This means your money is secured up to that specific amount should the institution become unable to meet its obligations to you.

💰What it costs you

There is no direct cost to you for this protection. You do not need to pay a fee or purchase a separate policy to be covered. The coverage is automatic for all qualifying depositors, meaning you are protected by default as long as your money is held in an authorized Irish bank.

⚠️The catch to know

It is important to understand exactly what is and is not covered. This scheme is specifically designed for credit institutions. This means it applies to banking entities, but it does not extend to money held with investment firms. If your funds are managed through an investment firm rather than a bank, they may not be covered under this specific guarantee.

📝How to apply

1. Confirm that your bank is an authorized Irish credit institution.
2. Keep track of your total balances to ensure you understand how much of your money is covered per institution.
3. In the event that a bank fails, monitor communications from the relevant authorities regarding the payout process.
4. Visit the official portal for more detailed information and updates.

https://www.depositguarantee.ie/