The Dutch Central Bank (DNB) announces that the protection of holders of Dutch bank accounts (deposit guarantee scheme) will be extended. The changes were recently published in the Official Gazette.
The deposit guarantee scheme ensures that you get back the money in your bank accounts if something unexpected happens to the bank. However, there is a cap on this: €100,000 per account holder per bank. For example, if you have two accounts with one bank, with a total balance of €200,000, €100,000 is protected by the deposit guarantee scheme. If you deposit €100,000 each at two different banks, both balances are protected.
Temporary increase
In some cases, the maximum of €100,000 is temporarily increased by €500,000. The increased guarantee applies for 3 months after deposit and only if the (legal) act involves only natural persons (no legal entities, such as BVs, foundations and associations). The protection of the deposit guarantee scheme then applies up to a maximum of €600,000 per account holder per bank. This increase applies when the balance in your accounts is temporarily high due to the purchase or sale of a (fiscal) own home.
Extension
From 1 September 2024, the term of the temporary increase will be extended to 6 months. In addition, the temporarily increased protection (€500,000) also applies to a temporary extra balance in your bank accounts by:
- retirement, resignation or marriage;
- an insurance payment;
- compensation for damages because you were a victim of crime or a wrongful conviction.
Business partnership
For bank accounts in the name of a business partnership (a partnership, general partnership or limited partnership), the maximum cover is up to €100,000 for the partnership. This cover for the partnership applies in addition to the cover the private individuals behind the partnership have in respect of accounts held in their private names.