Irish Deposit Guarantee Scheme

According to the central bank...."Deposits up to €100,000 per person per institution are protected".

So for example if a person has 200k and they place it all in BOI, foe eg 100k into two different accounts (A & B), would they only covered up to 100k?

Or does a person have to place 100k into BOI & 100K into AIB to be covered?

tool said:

According to the central bank...."Deposits up to €100,000 per person per institution are protected".

So for example if a person has 200k and they place it all in BOI, for eg 100k into two different accounts (A & B), would they only covered up to 100k?

Or does a person have to place 100k into BOI & 100K into AIB to be covered?

Click to expand...

From my understanding of this the answer to your question is yes and the only way to overcome the two different banks is to have the account in joint names, but, in my opinion it is best not to have all your eggs in one basket i.e. split the savings.

The Deposit Protection information can be found at the bottom of the AAM Deposit Best Buys:

Notes:

Deposit Protection Schemes:

• Deposit Guarantee Scheme protects the first €100,000 of your deposit per person.
• The UK Financial Services Compensation Scheme protects the first €100,000 of your deposit per person.
• [broken link removed] protects the first €100,000 of your deposit per person.

P.S. Have just noticed that the link to the Deposit Guarantee Scheme above is broken so I will contact CiaranT (who looks after same) and get him to fix it.
In the meantime the NCA explanation should suffice.