What is Deposit protection?

Deposit protection is the scheme that covers your money if a provider fails, together with the ceiling each customer is paid up to. It deserves attention whenever a provider pays a strong headline rate, because attractive rates often sit with smaller institutions. 1822direkt's deposits sit under EU DGS up to EUR 100,000, and ABANCA's sit under EU DGS up to EUR 100,000. The scheme label reads the same across the accounts compared here, so the ceiling is the part that separates them in practice.