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

In order to ensure coverage for deposits above NOK 2 million, depositors must open accounts in different member banks.

The Financial Supervisory Authority of Norway holds the authority to issue secondary law in order to ensure higher coverage for certain deposits or specific depositors. Such secondary law is, however, not issued.
 

Banks operating under different brands 

A member bank using different brand names for marketing purposes, are reckoned as one member with regards to the guarantee from the Norwegian Banks’ Guarantee fund. Members are obliged to clarify the affiliation to customers. Examples of brand names and their associated banks are given below.  
 

Brand

Member bank

Topprente.no

Sparebanken Øst

DINbank.no

Sparebanken Øst

Youngbank.no

Sparebanken Øst

Nybygger.no

Sparebanken Øst

Sparesmart.no

Eika Kredittbank

SkagerakDirektebank

Skagerrak Sparebank

 

Branch membership in the Norwegian Banks’ Guarantee Fund

Deposits in branch members are covered with a compensation limit of NOK 2 million. Of which EUR 100 000 is covered by the guarantee scheme of the home country of the bank. In Sweden the guarantee amount is SEK 950 000.

Branch membership is optional and requires the approval of the Financial Supervisory Authority of Norway.

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.