Deposit guarantee scheme (2024)

The deposit guarantee scheme reimburses a maximum of €100,000 per account holder per bank, regardless of how many accounts you hold. ABN AMRO Bank N.V. has a banking licence that covers the brand names ABN AMRO and ABN AMRO MeesPierson. To calculate the amount to be reimbursed under the deposit guarantee scheme, you therefore have to add up all your deposits held at these various parts of the bank. Your maximum reimbursem*nt will be €100,000 or the net value of your deposits should this amount be below this maximum.

It makes no difference how many accounts you hold with us. To calculate your total balance, add up the balances on all your accounts at our bank. If your total balances are below €100,000 (say, for example, €70,000), your maximum reimbursem*nt will be €70,000. Is the total more than €100,000? You will then receive maximum reimbursem*nt of €100,000.

Example 1:
You have a number of savings accounts at ABN AMRO with a total balance of €40,000. You also have a payment account at ABN AMRO with a balance of €2,500. Under the Dutch deposit guarantee scheme you will be eligible for maximum reimbursem*nt of €42,500.

Your total balance under the ABN AMRO license is €42,500 and is therefore fully covered by the Dutch deposit guarantee scheme.

Example 2:
You have 2 savings accounts at ABN AMRO with a total balance of €95,000. You also have a payment account at ABN AMRO with a balance of €7,000. Under the Dutch deposit guarantee scheme you will be eligible for maximum reimbursem*nt of €100,000.

Your total balance under the ABN AMRO license is €102,000 and is therefore not fully covered by the Dutch deposit guarantee scheme.

Example 3:
You have a number of savings accounts at ABN AMRO with a total balance of €25,000 and a Private Banking savings account at ABN AMRO MeesPierson with a balance of €120,000. You also have a payment account at ABN AMRO MeesPierson with a balance of €7,000. Under the Dutch deposit guarantee scheme you will be eligible for maximum reimbursem*nt of €100,000.

Your total balance under the ABN AMRO license is €152,000 and is therefore not fully covered by the Dutch deposit guarantee scheme.

Exception: guarantee for temporary high balances for sale/purchase of a house, if you have a credit balance relating directly to the purchase or sale of an owner-occupied property, a guarantee of up to €500,000 will apply temporarily. This additional guarantee applies for three months from the date on which the amount was deposited.

Eligible for coverage under the deposit guarantee scheme are:

• Private individuals: i.e. natural persons, including minors
• Sole traders: Deposits held by a private individual who is also a sole trader are treated as being held by one and the same person. They are therefore added together to calculate the maximum cover available.

Example:
Peter Jones has two accounts: one for his sole-trader business (trading under the name of Peter Jones’ Butchers) with a credit balance of €50,000, and one held jointly with his wife (in the name of Peter Jones and/or Samantha Jones) with a credit balance of €5,000. Peter Jones is eligible for maximum reimbursem*nt of €52,500 under the deposit guarantee scheme.

• Legal persons, regardless of their size; i.e. small businesses and large corporates are equally entitled to reimbursem*nt under the guarantee scheme. Foundations (stichtingen) and associations (verenigingen) are also separately eligible for reimbursem*nt under the deposit guarantee scheme. Examples of a legal person include public limited companies (N.V.), private limited companies (B.V.), foundations, associations, cooperatives, mutual insurance societies and churches.

Residents' associations (VvE) and partnerships (vof) under the law of The Netherlands are often separately eligible for reimbursem*nt under the deposit guarantee scheme. If you have a share in a deposit held by a residents' association or partnership, you cannot claim reimbursem*nt of this yourself. Instead, this has to be done by the association or partnership.

The following account holders are not covered by the deposit guarantee scheme:

• Financial institutions such as banks, investment companies, (re)insurance companies, investment funds and investment fund managers, UCITS and pension funds
• Government agencies

You can find full details of who is covered by the deposit guarantee scheme on the DNB website .

Joint accounts: if an account is held in more than one name, each account holder is separately eligible for reimbursem*nt under the deposit guarantee scheme. In case of two account holders, the deposit guarantee scheme assumes that each account holder is entitled to half of the balance. If the balance on the joint account is €200,000, each account holder is in principle eligible for reimbursem*nt of €100,000. Please remember that if an account holder has one or more other accounts, the maximum of €100,000 applies to all the deposits jointly.

Example 1:
You have two accounts at ABN AMRO with balances of €50,000 and €70,000 respectively. This adds up to a total balance of €120,000. You will therefore be reimbursed for a maximum of €100,000 under the scheme.

Example 2:
You and your husband have a joint account at ABN AMRO with a balance of €150,000. You also have another ABN AMRO account, in your own name, with a balance of €60,000. Your husband does not have any other accounts at ABN AMRO. He will be reimbursed for half of €150,000; i.e. €75,000. Your total balance is €135,000 (€75,000 + €60,000). That means you will be reimbursed for a maximum of €100,000 under the Deposit Guarantee scheme.

Third party Clients account, i.e. an account held by an account holder for you and possibly other people: in certain circ*mstances the balance on this account may be eligible (or partly eligible) for reimbursem*nt under the deposit guarantee scheme. An escrow account held by a notary for property purchases and sales is an example of a third party clients’ account. The amount eligible for reimbursem*nt is included in calculating your overall entitlement (i.e. up to €100,000 for the total credit balances per account holder per bank).

The following products are covered by the deposit guarantee scheme:

• Payment and savings accounts and term deposits
• Tax-efficient blocked bank savings account (bankspaarrekening eigen woning) 2 without any corresponding mortgage debt. In this case, the corresponding mortgage credit facility has been repaid from the proceeds of sale of the house.
• Tax-efficient blocked bank savings account (bankspaarrekening eigen woning) 2 involving a “verhuisregeling�?, meaning the account will be part of a new mortgage, after the redemption of the previous mortgage credit facility. In this case, your savings are guaranteed up to a maximum of €100,000 per account holder per bank (all the credit balances you have at the bank are added together for this purpose).

This product is not covered by the deposit guarantee scheme:

• Tax-efficient blocked bank savings account (bankspaarrekening eigen woning) with a corresponding mortgage debt. Because of a legal right of set off, there will be no remaining credit balance.

The Dutch deposit guarantee scheme applies to ABN AMRO and the following subsidiaries offering products under various brand names:

• ABN AMRO Bank N.V.: this covers deposits at ABN AMRO and ABN AMRO MeesPierson, including the branches in Belgium, the United Kingdom, Germany and Austria
• ABN AMRO Groenbank B.V.
• ABN AMRO Hypotheken Groep B.V.
• International Card Services B.V.

ABN AMRO and the aforementioned bank licensees have their own Dutch Deposit Guarantee Information Sheet containing important information about the licence and the protection of your money. Many product conditions also refer to the Dutch deposit guarantee scheme and indicate which banking licence the product is offered under. The information sheet shows at a glance whether the account is covered by the Dutch deposit guarantee scheme and, if so, under which licence-holder. This may be relevant for you in determining how much of your balance is protected. You will receive this information sheet or a link to it from the bank at least once a year.

You may use ABN AMRO Bank N.V. products or services in combination with a product offered by one or more of our subsidiaries (i.e. separate companies within the ABN AMRO Group). If the subsidiary has its own banking licence, you are eligible for compensation under both the ABN AMRO Bank N.V. licence and the subsidiary’s banking licence.

Example 1:
You have a payment account at ABN AMRO and a credit card at International Card Services (ICS), an ABN AMRO subsidiary with its own banking licence. In an event which triggers compensation by the Deposit Guarantee Scheme, you can claim up to twice the maximum of €100,000 (depending on the value of your deposits held with the bank and its subsidiaries).

Example 2:
You have a payment account at ABN AMRO and a savings account at MeesPierson. As both ABN AMRO and MeesPierson are covered by the same banking licence, you are eligible for reimbursem*nt of a maximum of €100,000.

Some of our subsidiaries are covered by the rules of the national deposit guarantee schemes in the countries in which they are registered. This applies to:

• Bethmann Bank AG in Germany
• Banque Neuflize OBC in France
• ABN AMRO Bank Luxembourg S.A. in Luxembourg

Please consult the information provided by these subsidiaries.

We have a banking licence from the De Nederlandsche Bank (DNB). Under the Dutch Financial Supervision Act you are entitled to claim under the deposit guarantee scheme and also under the investor compensation scheme. Under the latter scheme, your credit balances and amounts owed to you in respect of certain investment services are eligible for reimbursem*nt up to a specific maximum if we cannot meet our financial obligations.

The investor compensation scheme protects natural persons and small businesses that have money or investment products at a financial institution such as ABN AMRO Bank N.V. The maximum amount that can be reimbursed is €20,000 per person per financial institution. This scheme comes into effect if an insolvent financial institution has not complied with the asset separation rules. If a financial institution becomes insolvent, the Authority for the Financial Markets (AFM) checks whether the institution has complied with these rules. Assets are separated so that credit balances and investment products on investment accounts can be kept out of a bank's bankruptcy. DNB is responsible for operating this scheme. You can find more information about the investor compensation scheme on the AFM and DNB websites. (Please note text is in Dutch).