Which banks are covered by the guarantee?
There are 120 members as of March 2023. See member list.
Does the guarantee apply for legal persons as well as private individuals?
Yes. Both private individuals, companies, organizations and non-profit organizations are covered by the guarantee. The guarantee covers deposits from both Norwegian and foreign nationals and companies.
However, there are exceptions. Deposits from public authorities, other banks, insurance and pension companies and other financial institutions (e.g. investment firms, mutual funds and other collective investment undertakings) are not covered.
Does the guarantee apply to foreign citizens?
Yes, the guarantee also applies to foreign citizens with deposits in a Norwegian bank.
If you have a deposit in Norwegian banks' operations abroad, the coverage level will be 100 000 euro, read more in this article.
When will I receive my money?
The Norwegian Banks’ Guarantee Fund shall cover losses on deposits as soon as possible and no later than seven working days after a bank is placed under public administration. For some types of deposits, it may take longer time. For instance, the deadline for temporary high balances is three months.
More info in this article regarding reimbursement of covered deposits.
Which deposits are covered and which are not covered?
Most types of deposits are covered, including deposits on savings and checking accounts, deposit accounts, positive credit card balance and other credits (e.g. flex loans), tax deduction accounts (BSU), etc. Deposits both in Norwegian kroners and foreign currency are covered. The cash deposits of the share savings account are also covered (not shares or financial instruments).
The following deposits are not covered:
* investments in financial instruments such as shares, fund units or other securities
* deposits from unidentified depositors
* deposits deriving from transactions which, in the case of enforceable judgment, contravene money laundering regulations
Is share savings account covered by the guarantee?
Only cash deposits on share savings accounts are covered by the guarantee. It is a prerequisite that the account is established in your name. If you have invested in financial instruments at the time of a public administration (bankruptcy), this will not be covered by our deposit guarantee scheme.
Does the warranty also cover interest?
Yes. The guarantee covers total deposits up to 2 million NOK including accrued interest.
What is the coverage for depositors who have funds in client accounts?
Each client with funds on client account is covered with up to NOK 2 million, provided that the different clients clearly can be identified.
In some cases, the Norwegian Banks' Guarantee Fund also covers amounts in excess of NOK 2 million per client on a client account, so-called temporary high balances. This assumes that the deposit has been credited to the bank account during the last 12 months and follows from a certain life event. Examples of certain life events are deposits from the sale of residential and property, money received in connection with divorce, termination of employment or inheritance and insurance payments. See more information on temporary high balances here.
For client funds an extended reimbursement deadline of up to 3 months applies.
Will there be any changes in the current coverage level?
The Norwegian Parliament has decided amendments to the Financial Institutions Act, implementing the EU directive on Deposit Guarantee Schemes into Norwegian law, without changing the coverage level. The coverage level is therefore still NOK 2 million per depositor per member bank after the new law entered into force January 1, 2019.
Will there be changes in the future?
According to the EU directive, the coverage level in EU and EEA countries should amount to 100 000 Euro. For countries with a higher coverage level a transitional period was established, applicable until the end of 2018. The Norwegian authorities are still working towards EU on keeping the NOK 2 million level, possibly extending the transitional period beyond 2018. Any change in the coverage level will require another amendment to the Financial Institutions Act. Until a possible amendment in the Financial Institution Act the coverage level will be NOK 2 million.
For further information, please contact the authorities (Ministry of Finance).
What can I do to ensure my deposits if I have more than 2 million NOK in one bank?
The guarantee is 2 million NOK including interest per depositor per bank. If you have more than 2 million NOK in a bank, you can open accounts in other banks, spreading your deposits.