The Government Deposit Guarantee
The deposit guarantee protects your deposited money up to a maximum limit if a bank becomes insolvent. Here is a summary of how the guarantee applies to your accounts at Quartal.
Because Quartal is headquartered in Finland, our customers are primarily covered by the Finnish deposit guarantee. The Swedish deposit guarantee serves as a supplementary safeguard.
Maximum Compensation Limits
- Finnish Deposit Guarantee: Protects deposits up to a maximum of 100,000 EUR per person, per institution.
- Swedish Deposit Guarantee: Protects deposits up to 1,150,000 SEK. If the SEK equivalent of the 100,000 EUR Finnish guarantee falls below 1,150,000 SEK, the Swedish guarantee will compensate the difference to ensure you receive full coverage.
If you hold accounts in multiple banks, the maximum limit applies independently to each bank. For example, if you hold 1,000,000 SEK at Quartal and 1,000,000 SEK at another bank, both amounts are fully protected.
Which Accounts Are Covered?
All standard Quartal savings and transactional accounts are covered by the deposit guarantee.
The following specific products are not covered:
- IPS Banksavings Account
- Deposit OTC MM
- Deposit with Climate Focus
- Any money invested in securities (such as stocks and funds). These are instead covered by the Investor Protection framework.
Additional Compensation for Life Events
Under the Swedish Deposit Guarantee Act, you may receive additional compensation up to 5,000,000 SEK for deposits resulting from specific life events, such as severance pay or insurance payouts.
The guarantee also fully covers deposits resulting from the sale of a primary residence, with this extended protection valid for six months from the deposit date.
How Compensation is Paid
If the bank is declared insolvent, the Finnish Financial Stability Authority initiates the guarantee process and notifies the Swedish National Debt Office.
The Swedish National Debt Office will then pay the compensation amounts to depositors of Quartal Bank Abp (Sweden branch) within seven working days of the bankruptcy declaration. You do not need to apply for compensation; the payout process is automatic.
Depositors Not Covered
The deposit guarantee does not cover deposits held by financial institutions, including:
- Other banks and credit market companies
- Securities and insurance companies
- Pension funds and occupational pension companies
- Regions, municipalities, or government authorities
Contact Information
Finnish Financial Stability Authority Snellmansgatan 6, PO Box 133, 00171 Helsinki, Finland Phone: +358 (0) 295 253 530 Email: talletussuoja@rahoitusvakausvirasto.fi Website: rvv.fi/sv/insattningsgarantin
Swedish National Debt Office Jakobsbergsgatan 13, 103 74 Stockholm Phone: +46 (0) 8 613 4500 Email: riksgalden@riksgalden.se Website: riksgalden.se/sv/insattningsgarantin
