What is the Swedish Deposit Protection Scheme?

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.

Riksgälden logoRiksgälden logoRiksgälden logo

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. The maximum amount you can deposit into a HoistSavings savings account via Raisin UK is £75,000. If you deposit £75,000 or less in savings with HoistSavings, you will be protected by the Swedish Deposit Protection Scheme. Any additional funds above this amount would not be protected by the scheme, and this includes interest accrued on a savings account that would take your total balance via Raisin UK above £75,000.

How does the Swedish Deposit Protection Scheme work?

If you think you have a claim from a Swedish financial firm that has failed, you can make your claim directly to the Riksgälden. If it is found that your financial firm has failed, then the Swedish Deposit Protection Scheme should automatically return your money, up to SEK 1 050 000 per person, per institution.

The institution’s home country, Sweden, would be responsible for paying the deposit insurance. You would be reimbursed in accordance with the applicable deposit insurance rules, and the compensation amount would be paid out in the local currency, Swedish krona.

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.

FAQs

Accrued interest is credited quarterly and paid gross without prior deduction of tax. Interest is credited against the deposit on the last day of each quarter.

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Please contact our Customer Services Team: 0161 601 0000, service@raisin.co.uk

If you wish to terminate your HoistSavings easy access savings account, please contact customer services via the normal channels to confirm that you would like to close your savings account.

Please note that withdrawing all funds from your HoistSavings easy access savings account will not close your account. The minimum withdrawal amount for this account is £1000, therefore, if you had a balance of £1000, and you withdrew this, your account would remain open and active with a balance of £0, and you would be able to top this up again at any time.

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Please contact our Customer Services Team: 0161 601 0000, service@raisin.co.uk

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 Guarantee Scheme guarantees customers’ deposits in the event of bankruptcy of Swedish banking institutions – in this case, Hoist Finance. The Swedish Deposit Guarantee Scheme is administered by the Swedish National Debt Office, a state-controlled government agency. Money held in your HoistSavings savings account is protected up to the equivalent of £75,000.

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Please contact our Customer Services Team: 0161 601 0000, service@raisin.co.uk

The institution’s home country, Sweden, would be responsible for paying the deposit insurance. You would be reimbursed in accordance with the applicable deposit insurance rules, and the compensation amount would be paid out in the local currency, Swedish krona.

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Thank you for your feedback
Please contact our Customer Services Team: 0161 601 0000, service@raisin.co.uk

The FSCS covers financial services firms that have been authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) to operate in the UK. HoistSavings, as a part of Hoist Finance, is a Swedish banking institution, therefore, it falls under the Swedish deposit guarantee scheme (DGS) instead.

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Please contact our Customer Services Team: 0161 601 0000, service@raisin.co.uk

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.

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