{"id":32751,"date":"2022-06-05T21:00:00","date_gmt":"2022-06-05T19:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=32751"},"modified":"2022-07-01T08:27:44","modified_gmt":"2022-07-01T06:27:44","slug":"happens-savings-bank-goes-bust","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/happens-savings-bank-goes-bust\/","title":{"rendered":"What happens to my savings if the bank goes bust?"},"content":{"rendered":"
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We all know how hard it is to save money. But do you know what happens to your savings if the bank fails? Coral Santacruz, a member of the 11Onze marketing team, explains it to us.<\/b><\/h3>\n

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When a bank fails in Spain, “<\/span>customers are guaranteed by the Deposit Guarantee <\/b>Fund<\/a> <\/b>for Credit Institutions up to a maximum of 100,000 euros per account holder<\/b>“, explains Coral Santacruz. This means that if an account has two holders, the insured amount would be 200,000 euros. The Guarantee Fund only acts when a bank fails. If the bank is acquired by another entity and the new entity assumes the rights of the clients, there is no loss of capital.<\/span><\/p>\n

As detailed on the website of the Deposit Guarantee Fund, which was created in 2011, “the fund’s purpose is to guarantee deposits in cash and securities or other financial instruments held by credit institutions, up to a limit of EUR 100,000 for cash deposits or, in the case of deposits in other currencies, the equivalent sum at the applicable exchange rates”. <\/span>The fund comes into play when a credit institution is unable to meet its payments and obligations because it is in insolvency proceedings<\/b>.<\/span><\/p>\n\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n\n

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