Whether your money is in AIB, Bunq, or Raisin, it's protected up to €100,000 by EU deposit guarantee schemes. Here's how it works.
Quick Answer: Your Money Is Protected
| Provider | Country | Guarantee | Protected Amount |
|---|---|---|---|
| AIB | Ireland | Irish DGS | €100,000 |
| Bank of Ireland | Ireland | Irish DGS | €100,000 |
| PTSB | Ireland | Irish DGS | €100,000 |
| Bunq | Netherlands | Dutch DGS | €100,000 |
| Trade Republic | Germany | German DGS | €100,000 |
| Revolut | Lithuania | Lithuanian DGS | €100,000 |
| N26 | Germany | German DGS | €100,000 |
| Raisin banks | Various EU | Home country DGS | €100,000 |
All EU deposit guarantee schemes provide equivalent €100,000 protection.
How Deposit Guarantees Work
What's Protected
- Current accounts
- Savings accounts
- Fixed-term deposits
- Cash in investment accounts (not investments themselves)
What's NOT Protected
- Investments (stocks, bonds, funds)
- Cryptocurrency
- Money held by non-banks (certain fintech apps)
- Amounts over €100,000
When It Kicks In
If a bank fails, the guarantee scheme pays out:
- Within 7 working days (EU standard)
- Automatically—you don't need to claim
- Up to €100,000 per person, per bank
Irish Deposit Guarantee Scheme
The Irish DGS protects deposits in Irish-licensed banks.
Who's Covered
- AIB
- Bank of Ireland
- PTSB
- EBS (part of AIB)
- KBC (wound down but was covered)
- Credit Unions (separate scheme)
How It's Funded
Irish banks pay into a fund managed by the Central Bank of Ireland. The fund covers payouts if a bank fails.
Credit Union Protection
Credit unions have separate protection:
- Savings Protection Scheme (SPS)
- Covers up to €10,000 per person
- Lower than bank guarantee
EU Deposit Guarantee Schemes
How EU Schemes Work
Every EU country must operate a deposit guarantee scheme protecting at least €100,000. This is EU law.
Are Foreign Schemes as Safe as Irish?
Yes. The EU Deposit Guarantee Directive ensures:
- Minimum €100,000 coverage everywhere
- Payout within 7 working days
- No discrimination against foreign depositors
Guarantee Schemes by Country
| Country | Scheme | Banks Using It |
|---|---|---|
| Ireland | Irish DGS | AIB, BOI, PTSB |
| Netherlands | Dutch DGS | Bunq |
| Germany | German DGS | Trade Republic, N26 |
| Lithuania | Lithuanian DGS | Revolut |
| Sweden | Swedish DGS | Various Raisin banks |
| Latvia | Latvian DGS | Various Raisin banks |
Bunq: Is It Safe?
Yes. Bunq is a fully licensed Dutch bank.
Bunq Protection Details
| Factor | Detail |
|---|---|
| License | Dutch banking license |
| Regulator | De Nederlandsche Bank (DNB) |
| Guarantee | Dutch DGS |
| Protection | €100,000 per person |
What Makes Bunq Secure
- Full banking license—not just an e-money license
- Regulated by Dutch central bank—strict oversight
- EU deposit guarantee—same protection as Irish banks
- Profitable business—sustainable operation
Trade Republic: Is It Safe?
Yes. Trade Republic is a licensed German bank.
Trade Republic Protection Details
| Factor | Detail |
|---|---|
| License | German banking license |
| Regulator | BaFin (German financial regulator) |
| Guarantee | German DGS |
| Protection | €100,000 per person |
Cash vs Investments
- Cash balance: Protected up to €100,000
- Investments: Not covered by deposit guarantee (but held in your name)
Revolut: Is It Safe?
Yes. Revolut has a Lithuanian banking license.
Revolut Protection Details
| Factor | Detail |
|---|---|
| License | Lithuanian banking license |
| Regulator | Bank of Lithuania |
| Guarantee | Lithuanian DGS |
| Protection | €100,000 per person |
Revolut's Evolution
Revolut originally operated as an e-money institution (lower protection). Since 2021, Irish customers have full banking protection via the Lithuanian banking license.
N26: Is It Safe?
Yes. N26 has a German banking license.
N26 Protection Details
| Factor | Detail |
|---|---|
| License | German banking license |
| Regulator | BaFin |
| Guarantee | German DGS |
| Protection | €100,000 per person |
Raisin: Is It Safe?
Yes. Each bank on Raisin is separately protected by its home country scheme.
How Raisin Works
- Raisin is a marketplace, not a bank
- Your money goes to partner banks across the EU
- Each bank is covered by its own country's scheme
- Protection is €100,000 per bank
Example Raisin Banks
| Bank | Country | Guarantee |
|---|---|---|
| Aareal Bank | Germany | German DGS |
| TF Bank | Sweden | Swedish DGS |
| Collector | Sweden | Swedish DGS |
| Rietumu Bank | Latvia | Latvian DGS |
Raisin Strategy for Safety
If using multiple Raisin banks, each bank's €100,000 limit applies separately. You could have €100,000 at each bank.
What If a Bank Fails?
Scenario: Bunq Fails Tomorrow
- Dutch DGS activates
- You receive up to €100,000 within 7 working days
- Payout is automatic—no claim forms
- Interest accrued up to failure date is included
Has This Ever Happened?
- 2008: Several Irish banks needed bailouts (no depositor lost money under €100k)
- 2013: Cyprus crisis—deposits over €100k were affected; under €100k protected
- Various: Small EU banks have failed; depositors were protected
Irish Precedent
During the 2008 financial crisis, the Irish government guaranteed all deposits. No Irish depositor lost money. The guarantee system worked.
€100,000 Limit: What You Need to Know
Per Person, Per Bank
The €100,000 limit applies:
- Per individual person
- Per licensed bank (not per account)
Examples
Scenario 1: €150,000 in one AIB account
- Protected: €100,000
- At risk: €50,000
Scenario 2: €100,000 in AIB + €100,000 in Bunq
- Protected: €200,000 total (€100k at each bank)
- At risk: €0
Scenario 3: Joint account with €200,000
- Each person's share is protected up to €100,000
- If 50/50 split: Both covered
- Full €200,000 protected
Strategy for Large Amounts
If you have more than €100,000:
- Split across multiple banks
- Each bank provides separate €100,000 protection
- Example: €100k Bunq + €100k Trade Republic + €100k AIB = €300,000 fully protected
Common Concerns Addressed
"I don't trust foreign banks"
EU deposit protection is legally equivalent across all member states. Dutch or German protection isn't inferior to Irish protection.
"What if the whole country fails?"
EU schemes are backed by the country's banking sector. For major economies like Germany or Netherlands, this is extremely robust. For smaller countries, the EU provides additional backstop mechanisms.
"Neobanks feel risky"
Bunq, Trade Republic, and N26 are fully licensed banks, not fintech startups. They're regulated identically to traditional banks.
"I've heard of crypto exchanges failing"
Crypto exchanges are NOT banks. They have NO deposit protection. Bank deposit guarantees only apply to licensed banks.
State Savings: Different Protection
State Savings products aren't covered by deposit guarantee schemes—they're covered by the Irish government directly.
State Savings Guarantee
- Guarantor: Irish government
- Limit: No limit (full amount guaranteed)
- Risk: Only if Irish state defaults
For practical purposes, State Savings are considered the safest option in Ireland.
Credit Union Protection
Credit unions have separate, lower protection:
| Scheme | Protection |
|---|---|
| Savings Protection Scheme | €10,000 |
This is significantly lower than bank protection (€100,000). Consider this when placing large amounts in credit unions.
How to Check Protection
Verify Bank License
- Irish banks: Check Central Bank of Ireland register
- EU banks: Check their home country regulator
- Neobanks: Check their "About" or "Legal" pages for license info
Key Questions
- Is it a licensed bank? (Not just e-money)
- Which country's scheme protects it?
- Is my total at this bank under €100,000?
Summary
| Provider | Safe? | Guarantee | Limit |
|---|---|---|---|
| Irish banks (AIB, BOI, PTSB) | ✅ Yes | Irish DGS | €100,000 |
| Bunq | ✅ Yes | Dutch DGS | €100,000 |
| Trade Republic | ✅ Yes | German DGS | €100,000 |
| Revolut | ✅ Yes | Lithuanian DGS | €100,000 |
| N26 | ✅ Yes | German DGS | €100,000 |
| Raisin banks | ✅ Yes | Home country DGS | €100,000 each |
| State Savings | ✅ Yes | Irish government | Unlimited |
| Credit Unions | ✅ Yes | SPS | €10,000 |
Bottom line: Your money is equally safe in Bunq as in AIB—both have €100,000 EU-standard protection.
Last updated: January 2026