# Deposits held in Estonia



## Palerider (8 Feb 2017)

I see banks in Estonia are offering 5% fixed one year deposit, they have the EU wide deposit guarantee up to €100k same as we have here, I am tempted, am I mad ?


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## Lightning (8 Feb 2017)

There is no EU wide deposit guarantee. 

There is a standard deposit insurance level but there is no guarantee at an EU level. 

Deposit insurance schemes are normally funded by the credit institutions that benefit from the insurance.


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## mtk (8 Feb 2017)

CiaranT said:


> There is no EU wide deposit guarantee.
> 
> There is a standard deposit insurance level but there is no guarantee at an EU level.
> 
> Deposit insurance schemes are normally funded by the credit institutions that benefit from the insurance.


Is it not guaranteed by the respective EU government.... (no idea how Estonia is doing btw)?


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## Palerider (8 Feb 2017)

The depositor guarantee in Estonia meets the requirements of the EU deposit guarantee directive up to €100000, same as here as I understand it, the Estonia fund collects contributions from credit institutions into a fund that is available to protect deposits up to 100k in those same credit institutions.


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## mtk (8 Feb 2017)

palerider where do you see 5% interest rates ?


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## Palerider (8 Feb 2017)

https://Intus.ee


I don't think they are covered by the Estonian guarantee, 5% fixed one year seems too good but of course this carries risk.


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## TLO (8 Feb 2017)

This is looking like the real deal.  Estonia uses the Euro and its largest bank, Swedbank A/S (39% market share), appears to be quoting 5% for a 12 month "online" term deposit of up to €100k.

https://www.swedbank.ee/private/home/more/pricesrates/interests?language=ENG

By comparison, term deposit accounts opened at a branch appear to attract an interest rate of only 1% for a 12 month term.


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## Palerider (8 Feb 2017)

I see .05%, if TLO could verify in case I'm mistaken, the Intus crowd look more like a credit union, they appeared as a pop up at the base of the search when I was searching for historic Irish deposit rates so must be looking for deposits.


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## TLO (8 Feb 2017)

It is TLO who is mistaken.  The rate is 0.05%


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## ant dee (9 Feb 2017)

So Intus is not a bank, is it more like a credit union? A pool P2P lending service?


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## Palerider (9 Feb 2017)

No idea, know nothing about them, open to informed opinion but if they are not part of the bank guarantee in that country then it is not for me.


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## Daddy Ireland (12 Aug 2017)

Just for clarification is a 100k deposit in Swedbank covered under a scheme similar to having 10pk in an Irish financial institution.  If so what's not to like about the 5% the Estonia bank is offering ?


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## Gordon Gekko (13 Aug 2017)

Daddy Ireland said:


> Just for clarification is a 100k deposit in Swedbank covered under a scheme similar to having 10pk in an Irish financial institution.  If so what's not to like about the 5% the Estonia bank is offering ?



Based on the previous posts, the rate was 0.05%, not 5%!


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## Lightning (13 Aug 2017)

Daddy Ireland said:


> Just for clarification is a 100k deposit in Swedbank covered under a scheme similar to having 10pk in an Irish financial institution.



The deposit insurance level is 100k, not 10k. All EU countries offer deposit insurance at 100k per financial institution per person.


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## Daddy Ireland (13 Aug 2017)

Thanks for replies. Got that rate very wrongood.


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