In the European Economic Area (EEA), national deposit guarantee schemes ensure that deposits of up to EUR 100,000 per person per bank are protected. This also applies to customers of banks that are affected by financial sanctions.

In determining whether the deposit guarantee and compensation is provided by Germany’s deposit guarantee scheme or by that of another Member State, the deciding factor is whether the bank operating in Germany is a subsidiary of a Russian bank or a branch of a subsidiary of a Russian bank that has its head office in another EEA country. If the bank does not have a physical presence in Germany, the relevant deposit guarantee scheme is that of the country where the company has its head office.

You can usually find out which category your bank belongs to by looking at the “Impressum” on the bank’s website (often referred to as the “Imprint” or “Legal Notice” on banks’ English websites) and finding out where the company’s head office is located. You can also find detailed information in BaFin’s Database of Companies.

If the subsidiary of a Russian bank is incorporated in Germany, it belongs to a German compensation scheme. In cases such as this, there are no differences in deposit protection and compensation in comparison with other German banks and Sparkassen.

If the bank is a branch of a foreign credit institution with its head office in another EEA country, the situation is different: if compensation is due, deposits are protected by the deposit guarantee scheme of the country in which the credit institution has its head office. However, money deposited is paid out via a German compensation scheme.

In addition to the statutory deposit guarantee scheme, there are also voluntary deposit guarantee schemes operated by different groups of banks. More information about this is available on the Einlagensicherungsportal website (in German).

When compensation is due, depositors do not need to contact the compensation scheme themselves. They will receive a letter from the competent German compensation scheme.

BaFin’s website provides general information on this topic, as well as more detailed guidance regarding, for example, statutory and voluntary deposit protection, the funds protected, banks’ obligations to provide information and the compensation process. Further information is available on the website for deposit guarantee schemes in Germany. Answers to questions about the harmonised European deposit protection system can be found on the website of the German Federal Ministry of Finance (in German only).

Your bank also has a legal obligation to send you an information sheet for depositors on an annual basis. The sheet provides you with the key information relating to your bank’s statutory deposit protection.

If and to what extent your deposits are protected by German or foreign deposit guarantee schemes depends on which bank your deposits are held with. If your bank has its head office in Germany, it belongs to the German guarantee schemes. The maximum statutory compensation entitlement for deposits is generally EUR 100,000. This figure is the maximum per customer per bank, not per account.