The security of your term deposits is one of the main reasons for choosing our partner banks. For this reason we only work with partner banks that are subject to the Deposit Guarantee Scheme of their country in accordance with European regulations and have a banking licence issued by the national supervisor.
Although we work with stable and leading banks in their countries, we cannot dismiss the possibility of a bank becoming insolvent. In the unlikely event that this happens, the respective national Deposit Guarantee Scheme will compensate all deposits up to €100,000 (or the equivalent of that amount in national currency) per bank and per customer. Should this occur, Raisin Bank will inform and assist you throughout the process.
The specific procedure is regulated by the Deposit Guarantee Scheme based on the European Directive 2009/14/EC (CELEX Nr. 32009L0014).
Normally, in the event that a bank becomes insolvent, a second (solvent) bank will be appointed to clear the deposits of savers covered by the Deposit Guarantee Scheme.
The individual saver will have to apply for the compensation payment. However, since 1 January 2021, all Deposit Guarantee Scheme guarantee the repayment of deposits within 10 working days. Raisin Bank will, of course, help and assist you at all times should this occur.
Details about the Deposit Guarantee Scheme can be found in the Product Information Sheet.