Membership in the guarantee fund is mandatory for all Norwegian banks. Deposits in all member banks, limited two million Norwegian kroner including accrued interest per depositor, are covered by the guarantee.

In order to ensure coverage for deposits above NOK 2 million, depositors must divide their deposits between different member banks.

Temporary high balances    

Bank deposits resulting from certain life events are protected for a period of up to 12 months, even when the amount exceeds NOK 2 million. Examples of such life events are:

  • Sale of residential or leisure property
  • Money received in connection with marriage/partnership or divorce and dissolution of partnership
  • Money received in connection with termination of employment
  • Money received from inheritance
  • Insurance payments, such as from accident insurance or life insurance

A more detailed specification of certain life events can be found here.

There is no monetary limit related to the extended coverage, but the money must have been credited to the bank account during the last 12 months.

Branch membership in the Norwegian Banks’ Guarantee Fund

Membership for foreign banks with branches in Norway is optional and requires the approval of the Financial Supervisory Authority of Norway. The guaranteed amount of NOK 2 million also applies to the branch members, provided that the branch is a member of the Norwegian Banks’ Guarantee Fund.

Deposits in branch members are covered by the guarantee scheme in the branch’s home state. The deposit compensation limit in EU/EEA is EUR 100 000 or the equivalent. The Norwegian Banks’ Guarantee Fund will cover the difference between the home state’s compensation limit and NOK 2 million. The branch is obliged to inform the depositors about the relevant deposit guarantee schemes. 

Other branches

Branches which have not applied for membership in the Norwegian Banks’ Guarantee Fund are covered by the guarantee scheme in their home state.

For branches of banks in EU/EEA the guarantee amount is EUR 100 000. The branch is obliged to inform the depositors about the relevant deposit guarantee schemes.