What Is the Deposit Guarantee Fund (FGD)?
The Fondo de Garantía de Depósitos de Entidades de Crédito (FGD) is Spain's statutory mechanism that protects savers' money if a bank fails. It is regulated by Royal Decree-Law 16/2011 and supervised by the Banco de España.
How Much Does It Protect?
The FGD guarantees up to €100,000 per depositor per institution. This means:
- €100,000 in Bank A + €100,000 in Bank B → both amounts fully covered
- €150,000 in one bank → only the first €100,000 is covered
- Joint account (two holders) → each holder has their own €100,000 limit
What Products Are Covered?
- ✅ Current and savings accounts
- ✅ Fixed-term deposits
- ✅ Remunerated accounts
Not covered:
- ❌ Investment funds and ETFs
- ❌ Stocks and bonds
- ❌ Pension plans
- ❌ Life insurance and savings insurance
- ❌ Cryptocurrencies
Which Banks Are in the FGD?
All banks with a Spanish licence must belong to the FGD: BBVA, Santander, CaixaBank, Bankinter, ING Spain, Openbank, MyInvestor, and neobanks with Spanish licences like B100.
Important: European banks operating in Spain under EU passporting (Renault Bank, Revolut, Trade Republic) are covered by their home country's guarantee fund, not the Spanish FGD:
- Renault Bank → French FGDR, up to €100,000
- Trade Republic → German EdB, up to €100,000
- Revolut → Lithuanian scheme, up to €100,000
What Happens If My Bank Fails?
If an FGD member fails, the fund has 7 business days to reimburse guaranteed deposits (reduced from 20 days since 2024). The process is automatic — the FGD contacts you; you do not need to file a claim.
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Frequently Asked Questions
Is my money in Trade Republic covered by the Spanish FGD?
No. Trade Republic operates under a German banking licence and is covered by the German guarantee fund (EdB), not the Spanish FGD. The coverage is equally up to €100,000 per depositor.
What if I have more than €100,000 in one bank?
Only the first €100,000 is guaranteed by the FGD. Any amount above that limit is not covered and could be lost if the bank fails. To protect more capital, spread it across multiple institutions.
Are investment funds covered by the FGD?
No. Investment funds, ETFs, stocks and bonds are outside the FGD scope. Only bank deposits (current accounts, savings accounts, term deposits) are covered.
How long does the FGD take to return money if a bank fails?
Since 2024, the maximum deadline is 7 business days. The process is automatic — you do not need to apply for reimbursement; the FGD contacts you directly.