What is the Swedish Deposit Protection Scheme?
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The Swedish Deposit Protection Scheme is the deposit protection guarantee scheme for Sweden. It is an independent body set up by the Riksgälden, which is the Swedish national debt office. Under the scheme, you will be reimbursed by the state if the bank or institution in which you have your money fails.
The Raisin UK partner bank that is covered by the Swedish Deposit Protection Scheme is HoistSavings.
What is covered by the Swedish Deposit Protection Scheme?
The Swedish Deposit Protection Scheme covers deposits made by individuals up to a total of SEK 1 050 000 per person, per institution.
Currently, there is only one partner bank on the Raisin UK marketplace, HoistSavings, that falls under the Swedish Deposit Protection Scheme. Each eligible customer, as defined by the Deposit Insurance Act, is entitled to compensation for the amount deposited plus accrued interest on his or her account(s) with the bank up to a maximum of the GBP equivalent of SEK 1,050,000 at the time of the compensation case. The maximum deposit size for this product is limited to £70,000, well below the compensation limit’s maximum, however please note that the exact GBP amount of the compensation limit will change over time due to currency fluctuations and there is a risk that the compensation limit’s GBP value may drop below the value of your deposit.
What is the difference between the FSCS and the Swedish Deposit Protection Scheme?
The FSCS is the deposit guarantee scheme for the UK. It’s an independent body set up by the British government and funded by the financial services industry that protects deposits made by UK customers into accounts offered by regulated financial service providers. If a financial institution fails and can’t pay claims made against it, the FSCS steps in to help you recover your savings. Money held in your Raisin UK Account is protected by the FSCS up to £85,000 per person, per banking group.
The Swedish Deposit Protection Scheme guarantees customers’ deposits in the event of the bankruptcy or failure of a Swedish banking institution. The Swedish Deposit Protection Scheme is administered by the Swedish National Debt Office, a state-controlled government agency, and protects deposits of up to SEK 1 050 000 per person.
How does Raisin UK work?
If you want to quickly and easily open savings accounts with FSCS (or the European country equivalent) deposit protection, register for a Raisin UK Account and log in to apply. Opening an account is free, and once you’ve been approved, all you need to do is make a deposit and watch your savings grow.