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markinspain

Spanish Bank Deposit Guarantee.

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After doing the rounds this morning, to spread my deposit risks, it seems that most bank staff have absolutely no idea what the limit is without referring to head office. I received various figures from 6,000 to 15,000 to 20,000 of which I reckon the staff were just guessing to hide their lack of knowledge. But finally, I got official confirmation in writing from my own bank that the deposit guarantee scheme is for up to 20,000 Euros per bank. I have therefore arranged to spread the risk around a bit and I would advise any expats in Spain with more than 20,000 Euros in one account to do the same.

Additionally, it is worth putting the leg work in to find out the best rates of deposit interest. My original savings account was only paying 2.5% for a 3 month fixed deposit, whereas the new account with another bank will be paying 4.13% for the same period!

P.S. Completely unrelated information. It appears that the parents have to pay for and order the text books for their kids when they go to school. I donĀ“t know whether there is a government grant available for this but any potential immigrants to Spain with children may need to budget for this as an extra cost.

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