Q&As

The deposit guarantee applies to deposits up to NOK 2 million. This includes accrued interest that has not been paid. Interest that causes the total deposit to exceed NOK 2 million is not covered by the deposit guarantee.

Deposits exceeding NOK 2 million that are not covered by the guarantee scheme are not necessarily lost if the bank is liquidated. The depositors will have a claim on the estate, and must therefore wait until the estate processing is finalised before they will know whether the excess amount has been covered. There is also extended and unlimited coverage for deposits that come from special life events, such as the sale of a home, inheritance or insurance payout. See more information on the extended coverage here.

If you have more than NOK 2 million in the bank, you can spread your deposit across several banks if you want the entire amount covered by the deposit guarantee.

Yes, all private individuals regardless of citizenship are covered by the deposit guarantee.

Most corporations are covered by the deposit guarantee. However, there are some exceptions, such as deposits from public authorities and financial institutions.

​​​​​​Yes, all sole proprietorships are covered by the deposit guarantee.

Yes, all associations, teams and non-profit organisations are covered by the deposit guarantee.

Yes, if the account is opened in a private person's name, this person's deposits will be added to the team's deposits. If the account is opened in the team's name, the team is considered an independent depositor.

Yes, you as a private individual and your limited company are both covered with NOK 2 million each, i.e. up to NOK 4 million in total.

No, public authorities are not covered by the deposit guarantee.

No, financial institutions are not covered by the deposit guarantee. 

No, defined-contribution pension is not covered by the deposit guarantee. As of today there are no guarantee schemes for life insurance companies in Norway.

Yes, all accounts opened in your name are covered by the deposit guarantee from the first krone up to NOK 2 million. If you have several accounts in the same bank, a total amount of up to NOK 2 million is covered. For share savings accounts, only the cash amount in the account is covered by the guarantee and not investments in securities.

Yes, each client with funds on a client account is covered from the first krone up to NOK 2 million, provided that the various clients can be clearly identified.

Yes, both fixed-rate accounts and accounts linked to NIBOR (floating interest rate) are covered up to NOK 2 million.

Yes, joint accounts are covered by the deposit guarantee. For owners of joint accounts, the guarantee applies collectively per customer per bank. This means that each owner is covered with up to 2 million in total in the bank.

Yes. Deposits that result from special life events, e.g. home sales, and which have been made available during the last 12 months, are covered with an unlimited amount.

If the guarantee is triggered because your bank is liquidated under public administration, you must send an application to the Norwegian Banks' Guarantee Fund. In the application you must attach documentation of the home sale. If the individual assessment of the application concludes that the deposit originates from the house sale, we will pay out the amount. Due to the manual application processing, the payment deadline is up to 3 months from when the bank was liquidated under public administration. See more information here.

The cover applies to deposits that originate from the sale of the home you live in and the holiday home you use yourselves. Deposits arising from the sale of homes and holiday homes which have been mainly rented out will not be covered.

Non-digital customers over the age of 18 will normally receive a Giro payment by contacting the Norwegian Banks' Guarantee Fund. Minors, guardians and others are asked to contact The Norwegian Banks' Guarantee Fund, as any payment will be individual.

If you as a customer have deposits in other currencies, these will be converted to Norwegian kroner. The exchange rates used are the exchange rates on the date of liquidation. The exchange rates are the same as those published by Norges Bank and are mid-point rates, i.e. the mid-point between the buying and selling rates in the interbank market at a given time on the day in question.

No, unfortunately that is not possible. You can only transfer money to an account where you are the account owner. 

If you are a customer of a Norwegian branch of a foreign bank, the Norwegian Banks' Guarantee Fund will reimburse on behalf of the deposit guarantee scheme in the bank's home country. The payout time will therefore vary and depend on the information we receive from the deposit guarantee scheme in the bank's home country. Normally, you will receive the money within 3 months at the latest.

The currency for reimbursement will be local currency, i.e. the currency used in each country, e.g. EUR, SEK and DKK.

There is no limitation date, but we recommend that you make your claim as soon as possible.

The parliament (Stortinget) determines the guarantee amount. There are no political signals that the guarantee amount of NOK 2 million will change. The guarantee amount follows from the Financial Institutions Act.

It is nevertheless the case that the EU has proposed a common guarantee amount of 100,000 euros which is the same for all EU and EEA countries. Norway is an EEA country and the Norwegian authorities are therefore working with the EU to be allowed to keep the current guarantee level of NOK 2 million. If you want more information, you may contact the Ministry of Finance.

We receive annual contributions from all banks. The contributions are the basis for the deposit guarantee fund. 

The deposit guarantee applies per person per bank. Deposit coverage is therefore independent of which alliance a bank may be a member of. 

No, private individual customers have not lost any of their deposits in the last 100 years.

It has only happened twice in recent years, Kaupthing Bank in 2008 and Optin Bank in 2021.