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Is your money protected if a Danish bank fails?

Garantiformuen and the EUR 100,000 limit.

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Short answer

Yes, up to a limit. Garantiformuen, run by Finansiel Stabilitet, covers deposits at a Danish bank up to EUR 100,000 (about DKK 745,000) per customer per bank if the bank fails or has to be wound up. The cover counts per CPR or CVR number, so on a joint account each owner is covered separately, and accounts at different banks are covered separately. The money should be available no later than 7 working days after the bank is taken into crisis management.

Practical info

Why

  1. All accounts at the same bank are added together under one limit.
  2. Securities are covered separately, up to EUR 20,000.
  3. The limits are set in euro, so the krone amount moves a little.

Details

Danish branches of banks from other EU countries are covered by the scheme in the bank's home country, though some have joined Garantiformuen as a supplement.

Tip

If you have more than EUR 100,000, spread it over several banks with their own licences.

What may differ

Higher cover applies for a limited time to money from a home sale, pensions and some compensation payments.

Common misconception

Some think the limit applies to each account, not to each bank.

What actually happens

All your deposits at one bank count together under the EUR 100,000 limit.

People also ask

  • Are deposits above EUR 100,000 ever covered in Denmark?
  • Is a foreign bank in Denmark covered?
  • Did Danish banks have negative interest rates?

Sources

This answer is for reference only. Payment rules, limits and fees change, so check the official sources or your bank before you pay.

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