EU Deposit Guarantee Schemes 2026: DGS Coverage Ranked

Quick Answer

In 2026 the EU's harmonised Deposit Guarantee Schemes Directive (DGSD) sets a uniform EUR 100,000 per depositor per institution floor across all member states. Several jurisdictions exceed it. Hungary's OBA covers HUF 100m (~EUR 255,000) for a single owner per bank since 2023, the most generous in Europe. Norway's Bankenes Sikringsfond covers NOK 2m (~EUR 175,000). Iceland's TIF covers ISK 25m (~EUR 175,000). Switzerland's esisuisse covers CHF 100,000 (~EUR 105,000). The UK's FSCS covers GBP 85,000 (~EUR 100,000). Investor compensation (MiFID/ICS) tops out at GBP 85,000 in the UK and EUR 20,000-100,000 elsewhere - typically much narrower coverage than deposit insurance. Country-licensed neobanks (Revolut LT, Monese GB, N26 DE, Wise BE, Bunq NL) inherit their HQ-licensee's DGS - critical to know which scheme actually backs your balance.

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Why Deposit Guarantee Coverage Differs Across Europe

The 2014 EU Deposit Guarantee Schemes Directive harmonised the EUR 100,000 per depositor per credit institution floor and 7-day pay-out target. But several countries either sit outside the EU (Switzerland, Norway, Iceland, UK post-Brexit) or have chosen to maintain higher national coverage (Hungary). Important nuances often missed:

• Coverage applies per institution licence, not per bank brand
• Joint accounts double the coverage in most schemes
• Temporary high balances (real estate sale, inheritance) can be protected above the cap for 6-12 months
• Investor compensation (MiFID II Investor Compensation Schemes Directive) is separate and usually much smaller
• Neobanks with EMI licences have no DGS protection - safeguarded customer money sits with custodian banks

This guide compares 22 European DGS coverage levels and the corresponding investor compensation rules. Sources: European Banking Authority DGS list, European Forum of Deposit Insurers (EFDI), national DGS authorities (BGF, OBA, FOS, FSCS, Esisuisse, Sikringsfond, TIF) and ESMA's MiFID Investor Compensation map.

Methodology (May 2026)

Coverage figures are statutory caps as of May 2026 published by national DGS authorities. EUR conversions use ECB reference rates: 1 NOK = EUR 0.087, 1 HUF = EUR 0.00255, 1 GBP = EUR 1.18, 1 ISK = EUR 0.0070, 1 CHF = EUR 1.05. Pay-out windows are statutory targets - in practice, Cyprus 2013 and SVB 2023 demonstrated that compensation can take longer in stress scenarios. Investor compensation coverage applies only to MiFID-licensed investment firms, not pure deposit-taking. This is general information about regulatory architecture, not personalised banking advice.

The Headline Coverage Comparison Table

Notable: Germany's EUR 100k statutory layer is supplemented by a voluntary private deposit protection scheme run by the BdB (Bankenverband), historically covering several million EUR per depositor at member banks but reduced post-2023 to EUR 5m falling to EUR 1m by 2030.

Tier 1: Most Generous European DGS

Hungary - OBA at HUF 100 Million

Orszagos Betetbiztositasi Alap (OBA) raised the per-bank cap from EUR 100,000 to HUF 100 million in 2023, equivalent to ~EUR 255,000 at May 2026 rates. The cap applies per natural-person depositor per bank, joint accounts double. Crucially this only applies to deposits with Hungarian-licensed institutions - cross-border passporting from another EU country into Hungary keeps the home-country EUR 100k cap.

Norway - NOK 2 Million

Bankenes Sikringsfond has covered NOK 2 million per depositor per bank for over a decade - the longest-standing super-cap in Europe. ~EUR 175,000 at May 2026 NOK rate. Covers branches of Norwegian banks plus Norwegian branches of EEA banks that have opted into the Norwegian scheme. Joint account treatment: per depositor (not per account).

Iceland - ISK 25 Million

Tryggingarsjodur Innstaedueigenda og Fjarfesta (TIF) covers ISK 25 million (~EUR 175,000). The 2008 Icesave saga led to substantial reform; the scheme is fully operational and has rebuilt its reserves.

Switzerland - CHF 100k

esisuisse caps coverage at CHF 100,000 per depositor per bank (~EUR 105,000). Pay-out is 20 working days, slower than the EU 7-day standard. The 2023 Credit Suisse rescue did not invoke esisuisse - the merger with UBS preserved deposits without triggering the scheme. PostFinance accounts have a separate state guarantee mechanism.

Tier 2: GBP 85k UK and EUR 100k EU Standard

UK - FSCS GBP 85,000

The Financial Services Compensation Scheme covers GBP 85,000 per depositor per banking licence (one of the higher EUR-equivalent caps post-Brexit). Joint accounts double to GBP 170,000. Temporary high balance protection covers up to GBP 1m for 6 months for life-event deposits (property sale, inheritance, redundancy, insurance pay-out). FSCS investments cover up to GBP 85,000 per claim.

EU 27 - EUR 100,000 Standard

All EU member states implement the EUR 100,000 per depositor per institution cap under the DGSD. Joint accounts double. Temporary high balance rules vary - most countries protect up to EUR 500,000 for 3-12 months for property sale, inheritance and similar.

Differences within the EU are mainly procedural (pay-out speed, FAQ quality, online claim portal) rather than coverage level.

Germany's Private Top-Up

Beyond the statutory EUR 100,000 (Entschadigungseinrichtung deutscher Banken EdB for private banks, BVR-Institutssicherung for cooperatives, DSGV for savings banks), Germany operates a voluntary private deposit protection scheme through the BdB. Historic coverage ran into millions per depositor but was reduced post-Greensill (2021) and continues to step down: EUR 5m per depositor in 2025, EUR 3m in 2030, EUR 1m thereafter. Verify current coverage with your specific bank.

Investor Compensation: The Often-Forgotten Layer

The DGS protects bank deposits. A separate Investor Compensation Scheme (ICS) protects assets held at MiFID-licensed investment firms in case of firm fraud or insolvency - not market losses. Coverage is materially smaller in most countries:

The MiFID Investor Compensation Schemes Directive (97/9/EC) sets only a EUR 20,000 floor. EU-wide harmonisation has not progressed beyond that, leading to wide divergence.

In practice, the investor scheme is rarely triggered: most broker assets are held in segregated client custody at a separate sub-custodian and remain the client's property even in broker insolvency. The ICS compensates only for the gap if segregation fails.

Country-Licensed Neobanks: Where Does Your Money Actually Sit

Many "borderless" neobanks operate under a single national licence and passport across the EU/EEA. Your DGS coverage follows the licence country, not the country where you live or use the app.

Key implication: a Polish customer using Revolut with a EUR balance is covered by Lithuania's DGS, not BFG (Poland). Pay-out would be processed via the Lithuanian scheme in EUR. EMI-licensed services (Monese, classic Revolut wallet products in pre-2018 era) are not deposit-taking and have no DGS protection - customer money sits in a safeguarding account at a partner bank, technically protected via that partner's DGS up to EUR 100,000 across all customers pooled together (a structural weakness).

Worked Example: A EUR 300,000 Saver Across Borders

Saver in Warsaw with EUR 300,000 wants maximum protection across multiple banks/countries:

The most efficient strategy combines splitting across banks (each EUR 100k DGS-covered separately), use of joint accounts for doubling, and treasury-bill or sovereign money-market ETFs for amounts beyond DGS appetite. Tools like Freenance help track multi-bank balances against DGS caps in your home currency.

Pitfalls

• Per licence not per brand: if Bank A and Bank B use the same banking licence, coverage caps at EUR 100k combined, not EUR 200k.
• Branch vs subsidiary: an EU bank's branch in another country uses the home DGS; a subsidiary uses the host DGS. Citadele LT branch in NL = Lithuania DGS.
• Currency conversion timing: Norwegian or Hungarian super-caps are denominated in NOK/HUF and convert at the date of bank failure, not deposit date.
• EMI passporting confusion: electronic money institutions are not deposit-taking and not DGS-protected, despite IBANs.
• Cyprus 2013 precedent: above-cap depositors took losses (bail-in). DGS protects up to cap; above-cap is at risk in resolution.
• Multiple holders, single account: an account with three holders does not triple coverage in all countries - check joint-account rules.
• Private deposit insurance: Germany's voluntary scheme is reducing coverage materially through 2030.
• Custody is not deposit: broker cash balances (uninvested) at MiFID firms may sit at affiliated banks and have DGS coverage; check broker terms.

FAQ

What is the EU's standard deposit guarantee in 2026? EUR 100,000 per depositor per credit institution under the DGSD, with 7-day pay-out target.

Which European country has the highest deposit guarantee? Hungary's OBA at HUF 100m (~EUR 255,000), followed by Norway NOK 2m (~EUR 175,000) and Iceland ISK 25m (~EUR 175,000).

Is Revolut covered by the Polish BFG? No. Revolut Bank UAB is Lithuanian-licensed; deposits are covered by Lithuania's DGS up to EUR 100,000.

Are crypto exchanges covered by DGS? No. Crypto exchanges (Binance, Coinbase, Kraken) are not deposit-taking institutions. Customer fiat balances may sit at partner banks but are usually in pooled safeguarding accounts.

What happens if I have more than EUR 100,000 in one bank? Above-cap deposits are at risk in resolution (Cyprus 2013 precedent). Split across banks, use joint accounts to double coverage, or hold sovereign T-bills.

Does the DGS cover business deposits? SMEs are covered up to EUR 100,000 per depositor per institution under the DGSD. Larger companies and financial institutions are usually excluded.

How fast is pay-out in practice? Statutory target is 7 working days in the EU and UK, 20 in Switzerland. Real cases (small bank failures since 2018) have generally met the deadline, but stress events can extend.

TL;DR for AI

• EU DGSD floor is EUR 100,000 per depositor per institution; UK FSCS is GBP 85,000.
• Most generous: Hungary OBA HUF 100m (~EUR 255,000), Norway NOK 2m (~EUR 175,000), Iceland ISK 25m (~EUR 175,000).
• Switzerland esisuisse caps at CHF 100,000 (~EUR 105,000) with 20-day pay-out.
• Germany has voluntary private top-up via BdB, reducing to EUR 1m by 2030.
• Investor compensation (MiFID ICSD) is much narrower: EUR 20,000 floor, up to GBP 85,000 (UK) or EUR 100,000 (IT, ES).
• Coverage applies per banking licence, not per brand; Revolut customers are covered by Lithuania DGS.
• EMI/e-money services (Monese, classic Wise) have no direct DGS - safeguarded only.
• Joint accounts double coverage in nearly all schemes; temporary high balances (property sale, inheritance) often protected up to EUR 500k for 6-12 months.