Spanish Banks Deposit Insurance Fund



(1) Your credit institution forms part of an Institutional Protection System officially recognized as the Spanish Banks Deposit Insurance Fund. This means that all the member institutions of the system back each other to avoid insolvency. If your credit institution becomes insolvent, your deposit will be repaid up to €100,000.

(2) If you are unable to draw down on a deposit because a credit institution is not in condition to meet its financial obligations, a Deposit Guarantee Scheme will repay the depositor(s) in question. Repayments are subject to a maximum ceiling of €100,000 per credit institution. This means that all your deposits are added together in the same credit institution to determine the coverage level. For example, if a depositor has a savings account with €90,000 and a deposit account with €20,000, this depositor will only be repaid €100,000.

(3) Protection ceiling for joint accounts.

In the case of joint accounts, the €100,000 ceiling applies to each depositor.

Nevertheless, deposits into an account in which two or more people have rights, either as partners or members of a society or association, or some other similar grouping, but which is not a legal entity, are taken together and treated as a single depositor for the purposes of calculating the €100,000 ceiling. 

(4) Repayment.

The party responsible for the deposit guarantee scheme is the Spanish Banks Deposit Insurance Fund, Calle José Ortega y Gasset, 22 - 5ª planta, 28006 - Madrid, Telephone: +34 91 431 66 45, e-mail: fogade@fgd. Your deposits will be repaid (up to a ceiling of €100,000) under the following terms: 20 business days (up to 31 December 2018); 15 business days (from 1 January 2019 to 31 December 2020); 10 business days (from 1 January 2021 to 31 December 2023) and 7 business days (as of 31 December 2023). If up to 31 December 2023 the Spanish Banks Deposit Insurance Fund is unable to reimburse the amount to be repaid within seven business days, it will pay depositors an appropriate amount from their deposits to cover their maintenance within a term of no later than five days. The aforementioned amount will be deducted from the total to be repaid. If you have not been repaid within this term, you must contact the deposit guarantee scheme, given that the time period for making claims may be limited. Consult the following website for more information:


In general, all retail and company depositors are covered by deposit guarantee schemes. Exceptions that apply to particular deposits can be consulted at the website of the entity in charge of the deposit guarantee scheme. Your credit institution will also inform you, if you so request, whether or not particular products are covered. If the deposits are covered, the credit institution will confirm as much in your account statements as well.

The debts you have with the Bank will be taken into account to calculate the amount guaranteed and repayable by the Spanish Banks Deposit Insurance Fund.

Those deposits made by other credit institutions on their own behalf and in their own name are not considered as being insured. Neither are those made of by the following financial entities and subjects: 1. Securities companies and societies. 2. Insurance companies. 3. Real estate investment firms. 4. Management firms of collective investment institutions, or companies that manage pension funds, securitization and venture capital funds and the deposits of those entities that manage them. 5. Portfolio management companies and financial advice firms. 6. Venture capital companies and their corresponding management firms. 7. Any other financial entity defined in Article 4(1)(26) of Regulation (EU) No 575/2013 of the European Parliament and the Council of 26 June 2013. The own funds of the credit institution, the debt securities issued by the credit institution, including promissory notes and negotiable instruments will not be covered. Neither will deposits made by Public Administrations be covered, except for those taken out by local entities that have an annual budget of equal to, or less than, €500,000. Securities held by the persons mentioned in the aforementioned numbered list or by Administrations are not guaranteed.

Please do not hesitate to contact us should you require any further information related to this subject.