Deposit Guarantee Scheme

R

Redshoes

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I'm selling some property and will have cash for a few months, maybe a year that I need to bank. I understand the Deposit Guarantee Scheme will cover €100,000 per person. The amount that I want to protect is 5 times that much. What are my options?
 
Temporary High Balances
The maximum amount of compensation payable by the DGS is €100,000 per person per credit institution. In addition certain deposits, known as temporary high balances may qualify for compensation in excess of €100,000. For a deposit to qualify as a temporary high balance it must stem from at least one of the following:

deposits relating to real estate transactions for private residential property i.e. deposits lodged in preparation for purchase, sale proceeds and proceeds of equity release
deposits that serve social purposes laid down in national law and are linked to particular life events of a depositor such as marriage, civil partnership, divorce, retirement, dismissal, redundancy invalidity or death
deposits that serve purposes laid down in national law and are based on the payment of insurance benefits or compensation for criminal injuries or wrongful conviction
Qualifying deposits are protected up to a limit of €1 million (although unlimited cover is provided for claims relating to personal injury) for a period of 6 months after the deposits have been credited to an account or from the moment when such deposits become legally transferable.
 
and the 5 covered banks in Ireland are BOI, AIB, PTSB and ?????
 
jpd said:
and the 5 covered banks in Ireland are BOI, AIB, PTSB and ?????
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If the top of my head EBS would be next on my list. With 200 odd credit union you're bound to have access to at least one of those.

Cast your net wider and the likes of Bunq, N26, Revolut, Advanzia etc. are covered by equivalent foreign schemes. Actually if you started with the foreign banks you'd have half a million safely protected without having to leave the house!
 
time to plan said:
Temporary High Balances
The maximum amount of compensation payable by the DGS is €100,000 per person per credit institution. In addition certain deposits, known as temporary high balances may qualify for compensation in excess of €100,000. For a deposit to qualify as a temporary high balance it must stem from at least one of the following:

deposits relating to real estate transactions for private residential property i.e. deposits lodged in preparation for purchase, sale proceeds and proceeds of equity release
deposits that serve social purposes laid down in national law and are linked to particular life events of a depositor such as marriage, civil partnership, divorce, retirement, dismissal, redundancy invalidity or death
deposits that serve purposes laid down in national law and are based on the payment of insurance benefits or compensation for criminal injuries or wrongful conviction
Qualifying deposits are protected up to a limit of €1 million (although unlimited cover is provided for claims relating to personal injury) for a period of 6 months after the deposits have been credited to an account or from the moment when such deposits become legally transferable.
Click to expand...
Thank you for providing that info. I'll contact my bank and see what they can do for me!
 
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