Deposit Protection Scheme Examples
The link below on the RaboDirect website might be of some help regarding how the Deposit Guarantee would work in our case.
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For a single customer with a total balance of €20,000, that customer would be reimbursed the full €20,000 under the Deposit Guarantee System.
For a single customer with a total balance of €50,000, that customer would be reimbursed the full amount of the first €20,000 under the Deposit Guarantee System, and 90% of the next €20,000 i.e. €18,000, so that customer will get back a total of €38,000 under the Deposit Guarantee System.
For two people with a joint account with a balance of €20,000, 50% of that balance would be attributed to each person (i.e. €10,000) and each would be reimbursed €10,000 under the Deposit Guarantee System.
If a customer has a single account and a joint account, the customer will only get paid out once. So if the customer has a single account with a €20,000 balance, and a joint account with a €50,000 balance, that customer will receive back €20,000 guaranteed. That customer would have a right to 50% of the joint account (i.e. €25,000) and would have a 90% guarantee of up to €20,000 of that, receiving €18,000 back from the joint account. The other joint account holder would be assessed separately on the balance of the €25,000 in the joint account.
If you hold an account in the name of a child, the child's account is afforded the same protection under the scheme and is assessed in its own right, separate from any accounts held in the name of the adult who manages the accounts on behalf of the child.
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