|
Cross-border protection
|
 
|
Is my deposit protected in an EU bank in Hungary or in any other EU country?
Yes - however, not necessarily with the same conditions. Within the EU, the compulsory minimum deposit insurance is regulated by EU directives. As a result, the deductible and the coverage limit can vary. Deposits in banks registered in the EU are guaranteed by the national deposit insurance fund of the country where the bank is registered. This protection covers all EU countries where the given bank takes deposits. For example, deposits collected by a Hungarian branch of a bank registered in Austria are insured by the Austrian deposit insurance fund, and similarly, deposits collected by an Austrian branch of a bank registered in Hungary are protected by the National Deposit Insurance Fund of Hungary.
Is it possible that when I deposit my money, financial institutions will offer conditions different from the conditions of Hungarian deposit insurance?
It is possible, and the more EU banks enter the Hungarian bank market, the more often it will happen.
Since the above EU directive only specifies a compulsory service minimum, EU countries (including Hungary) can specify different coverage limits and scopes.
WE EMPHASISE THAT YOU SHOULD ALWAYS INQUIRE ABOUT DEPOSIT INSURANCE CONDITIONS BEFORE YOU DEPOSIT YOUR MONEY!
For more information:
Saving Your Savings Together - guide to deposit insurance
