Bussiness
Your personal finance questions – Is my money safe if I save it with a digital bank which offers a better interest rate?
It would not be prudent to lodge your savings with a digital bank that is not covered by a deposit guarantee scheme. Photo: Getty
Q We are lucky enough to have some savings but would like to get the best return possible. I have been looking at the digital banks, and their rates are so much better than the mainstream banks. However, I am concerned about the security of the digital banks. With mainstream banks, savings of up to €100,000 are protected through the Irish Deposit Guarantee Scheme (DGS). How safe are any savings held with the digital banks, and do they offer the same security as the Irish DGS?
A The Irish DGS covers deposits held in banks and credit unions in Ireland authorised by the Central Bank of Ireland (CBI). You can get a list of these credit institutions from the CBI, said Michael Kavanagh, the chief executive of the Compliance Institute.
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