Question re "Temporary High Deposit" protection

E

euroDilbert

Registered User
Messages
318
I am in the process of moving home - but expect a gap where I will be depositing the sale proceeds.
As this is likely to exceed the €100k protection limit, I assume the "temporary high deposit" protection should apply for 6 months.

(1) It seems clear that this applies to Irish banks, will it also apply to EU banks via the likes of Raisin etc. ?
(2) Is interest usually paid on the amount over €100k - as most of them seem to quote up to €100k only ?
 
Isn't the temporary high deposit protection part of the Deposit Guarantee Scheme so any bank participating in the DGS presumably also offers the temporary high deposit protection?

Calculation of Compensation

www.depositguarantee.ie
Whether or not a particular bank/product pays interest over €100K depends on the terms and conditions of the particular product.
 
There are three prerequisites in order for the DGS to apply:
Assuming that the answer to all three of these questions is yes, the next step is to determine whether the "tepmorary high balance provisions apply. There are as follows: (extracted from this document)

and paragraph 4:

It's not possible to answer these questions for you on the basis of the limited information you have provided, so you might read through them and satisfy yourself that the cover will apply.

Regarding the deposit guarantee schemes applying to banks based in other countries, the schemes vary from country to country. You would need to check the specific scheme applying to any bank or banks you are considering to determine what cover if any it affords for temporary high balances. Note that Raisin has used non-EU banks in the past.

Regarding the interest rates on offer these vary from institution to institution. This applies in Ireland and to the deposits offered by Raisin. There are many accounts that offer interest on deposits in excess of €100,000. You need to check the specific bank/product you are looking at.
 
euroDilbert said:
(1) It seems clear that this applies to Irish banks, will it also apply to EU banks via the likes of Raisin etc. ?
Click to expand...
Check the DGS in the member state where the deposit provider is covered.

€100k is universal across the EU but things like temporary high balances can vary a bit from country to country.

Remember what matters is the DGS in the country where the deposit provider is, not where you reside.
 
You must log in or register to reply here.
Menu
Log in
Register