Deposit Guarantee Scheme (DGS)
Definition
A national fund that guarantees deposits in the banks of a given EU country.
What it means in practice
Every EU country has its own DGS with a limit of EUR 100,000 per person. Poland's DGS is the BFG; the Dutch one protects bunq customers.
Why it affects your choice
The guarantee may sit in a country other than Poland. bunq is safe thanks to the Dutch DGS, even though it is not the BFG.
Watch out
A DGS applies to banks. E-money institutions (such as Wise) do not have a DGS — they use safeguarding.
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