Can you insure your bank account? i.e have all your money recompensated by the insurance company incase of bank failure.
In: 0
I don’t know where you are, but in the UK banks are part of a system that guarantees customers get their money back if the bank fails. There’s a maximum amount, which I think is £80k but I’d need to check. Other countries probably have similar.
Many countries have an insurance or guarantee to protect normal consumer deposits. In most cases, that protection is automatic and required legally in order to operate as a consumer/retail bank.
In the US, the insurance is provided by the FDIC (you can see this on most bank brochures). These provide guarantees in case of bank failures on savings and checking account balances up to a maximum of 250K.
As a regular bank customer, you are not required to do anything to obtain this protection.
This protection does NOT extend to investment or brokerage accounts (unless specified) They may also not apply to foreign currency accounts etc.
Many countries have an insurance or guarantee to protect normal consumer deposits. In most cases, that protection is automatic and required legally in order to operate as a consumer/retail bank.
In the US, the insurance is provided by the FDIC (you can see this on most bank brochures). These provide guarantees in case of bank failures on savings and checking account balances up to a maximum of 250K.
As a regular bank customer, you are not required to do anything to obtain this protection.
This protection does NOT extend to investment or brokerage accounts (unless specified) They may also not apply to foreign currency accounts etc.
Thank you everyone for your replies. Very helpful! I didn’t know any of this. So my countries of interest for this question were Uganda, Hungary and England. England is off since @kirstemis talked about the case for the uk.(thank you). Now just Uganda and Hungary. Im going to look into it for those two now that i know what to look for but if anyone already knows feel free to help tell me.
Thank you everyone for your replies. Very helpful! I didn’t know any of this. So my countries of interest for this question were Uganda, Hungary and England. England is off since @kirstemis talked about the case for the uk.(thank you). Now just Uganda and Hungary. Im going to look into it for those two now that i know what to look for but if anyone already knows feel free to help tell me.
Not Yet! With the privatization attempts at Social Security and Medicare, why not privatize this type of insurance? Consumers could choose whether they want this kind of insurance! Then a bank collapse could begin in earnest!
Thank God for FDIC!
Not Yet! With the privatization attempts at Social Security and Medicare, why not privatize this type of insurance? Consumers could choose whether they want this kind of insurance! Then a bank collapse could begin in earnest!
Thank God for FDIC!
Not Yet! With the privatization attempts at Social Security and Medicare, why not privatize this type of insurance? Consumers could choose whether they want this kind of insurance! Then a bank collapse could begin in earnest!
Thank God for FDIC!
Everyone is talking about compensation schemes. But no one seems to have actually answered your question.
The simple answer to “can I insure this?” is nearly always yes. The problem comes when you ask the second question: “how much will it cost?”
So your can probably find someone somewhere to provide you this insurance but you will need to look for it and it will likely be a bespoke deal.
Everyone is talking about compensation schemes. But no one seems to have actually answered your question.
The simple answer to “can I insure this?” is nearly always yes. The problem comes when you ask the second question: “how much will it cost?”
So your can probably find someone somewhere to provide you this insurance but you will need to look for it and it will likely be a bespoke deal.
Latest Answers