Are my savings covered by the deposit guarantee scheme?

Yes. Your savings at kompasbank are covered by the Danish deposit guarantee scheme, the Guarantee Fund (Garantiformuen), up to EUR 100,000. Deposits above EUR 100,000 are generally not covered.

What does the guarantee cover?

The guarantee covers your total deposits at kompasbank. This means all your savings accounts combined: KOMPAS FAST, KOMPAS VARIABLE and KOMPAS BASIS. Any debt to kompasbank that is fully or partly due is deducted from the amount.

You can save up to DKK 3,000,000 at kompasbank, but only the first EUR 100,000 is covered by the guarantee.

See the current value in Danish kroner on kompasbank’s deposit guarantee page.

Special coverage for certain life events

Some deposits are covered by more than EUR 100,000 for a period:

• Up to EUR 150,000 for 6 months: deposits linked to special events in your life, such as marriage, divorce, redundancy, disability or death. This also applies to compensation or damages under the law.
• Up to EUR 10 million for 12 months: deposits from property transactions where the property was not mainly used for business purposes. For example, the proceeds from selling your home.

What happens if kompasbank goes bankrupt?

The Guarantee Fund is administered by Financial Stability (Finansiel Stabilitet). If kompasbank enters reconstruction or bankruptcy, the Guarantee Fund steps in:

1. You are notified of the situation and receive an overview of your total deposits.
2. You receive guidance on what to do.
3. The money is paid out via your new bank within 7 working days of the Guarantee Fund being notified.

Read more about the Guarantee Fund on Financial Stability’s website.