European Union

Explained in a more colloquial way, monetary amounts secured are: the credit balances maintained on current accounts, deposits to term, sight deposits, savings accounts, ahorro-vivienda accounts, credit accounts with positive balances, balances available for pre-paid smart cards, as well as advance payments on account of operations to formalize and certificates of deposit. The amount of money that may have in the entity, which without being deposited on any product of the previous ones, is aimed at the realization of an investment service is also guaranteed. The losses in the value of the value in question is not covered. how much money covers us the FGD? The cash amount guaranteed until 2008 was 20,000 by depositor and entity; This amount represented the minimum set by the European Union, but increased this limit to 100,000 euros because of the prevailing mistrust following the financial crisis. Deposits per financial institution, and person is covered both to natural persons and legal.

The nuance of the limit of the guarantee is that it is not of a limit per person, but a limit for each person in each different entity, i.e. If you have the money distributed in different banks, so that each does not have more 100,000 euros, everything will be guaranteed, but if different deposits have a same bankso that altogether there are more than 100,000 euros, it will only be guaranteed up to the limit. When should we be more careful? We must take into account that the FGD does not cover all forms of investment and savings in the banking market. If our savings are deposited in a mutual fund or a pension plan, which guarantees our rights are the assets in which the Fund has invested money (shares, bonds, etc). There is a joint and several liability of the depository institution (usually a Bank) and the management company, the unique and unlikely case that we would lose our savings would be if something similar to the Madoff case happened in the United States.