Data checked 23 September 2026
Deposit guarantee schemes exist to protect savers if a bank or financial institution becomes insolvent. In Poland, most people are used to hearing about the Bankowy Fundusz Gwarancyjny (BFG), but many newer digital providers and fintech apps operate under licences from other EU countries, which means a different scheme may apply. Understanding which scheme covers a particular account, and what it actually protects, helps explain why some products are described as guaranteed deposits while others are not.
What a deposit guarantee scheme is
A deposit guarantee scheme is a public compensation mechanism that reimburses depositors up to a set limit if a bank authorised to take deposits fails. It does not prevent a bank from running into difficulty; it simply provides a safety net so that ordinary savers are not left without access to their money.
These schemes are funded by contributions from member banks and are usually run or overseen by a national authority. Coverage generally applies automatically to eligible deposit accounts, without the account holder needing to apply for it in advance.
How BFG works in Poland
The Bankowy Fundusz Gwarancyjny is the Polish deposit guarantee institution. Banks and credit unions licensed in Poland are required to belong to it, and eligible deposits held with these institutions are protected up to the equivalent in złoty of EUR 100,000 per depositor per bank.
If a member institution fails, BFG is responsible for arranging payout to depositors, typically within a set statutory period such as 7 working days. Everyday savings and current accounts, as well as term deposits, are the type of product usually covered, provided they meet the scheme’s eligibility rules.
Banks such as PKO BP, Pekao and Erste operate under Polish banking licences, so savings and deposit products they offer — for example PKO BP’s Przy systematycznym oszczędzaniu account, Pekao’s Konto Oszczędnościowe Biznes, or Erste’s Lokata z Kontem Erste Platinum — fall under the BFG guarantee framework, subject to the scheme’s terms.
Fintechs with licences from other EU countries
Some digital financial apps available to Polish customers are not licensed as Polish banks. Instead, they hold a banking or electronic money licence issued in another EU or EEA country and operate in Poland under passporting rules that allow financial firms to offer services across the bloc.
Revolut is an example of this structure: its banking services, including products like Revolut Oszczędności (Ultra), are provided under a licence issued in another EU country, which means eligible deposits are covered by that country’s deposit guarantee scheme rather than by BFG. The principle of coverage, up to a set limit per depositor per institution, is broadly similar across the EU, but the specific limit, currency and payout process are determined by the home country’s scheme.
Anyone holding money with a fintech should check which licence the provider operates under and which national scheme applies, since this affects both the guarantee limit and how a claim would be handled if something went wrong.
Deposits versus investment products
Deposit guarantee schemes only cover eligible deposits — money held in a way that gives the bank an obligation to repay the account holder, such as current accounts, savings accounts and term deposits. They do not cover investment products, even if these are offered through the same banking app or website.
Products such as money-market funds, mutual funds, bonds or brokerage accounts carry investment risk and are not deposits, so they typically fall outside BFG or equivalent schemes. Instead, other protections may apply, such as rules on segregating client assets, but these work differently from deposit guarantees.
When a provider offers both savings accounts and investment options, it is worth checking, for each specific product, whether it is classified as a deposit or as an investment, since this determines which protection regime, if any, applies.
How to check which scheme covers your money
The clearest way to establish which scheme applies to an account is to check the provider’s terms and conditions or its information sheet on deposit guarantees, which is normally required to state the relevant scheme and the applicable limit.
It also helps to identify which country issued the provider’s licence, since this determines which national compensation scheme would respond in the event of failure, rather than assuming a Polish scheme automatically applies just because the service is used within Poland.
- Check the provider’s disclosed licensing country
- Look for a deposit guarantee information sheet on the account page
- Distinguish savings and deposit accounts from investment products
- Confirm the guarantee limit and currency stated by the relevant scheme
Questions
Does BFG cover money held with all banks operating in Poland?
No. BFG covers banks and credit unions licensed in Poland. Providers operating under a licence from another EU country are instead covered by that country’s deposit guarantee scheme, even if their app is used in Poland.
Are investment products like money-market funds protected by a deposit guarantee scheme?
Generally not. Deposit guarantee schemes cover eligible deposits, not investment products such as funds or bonds, which carry investment risk and are protected, if at all, by different rules.
How can I find out which country’s scheme covers a fintech account?
The provider’s terms or deposit guarantee information sheet should state which licence it holds and which national scheme applies; checking this document is the most reliable approach.
Sources: guarantee amount — BFG, deposit guarantee amount; payout deadline — BFG FAQ. Checked 24 September 2026.
This page describes products; it is not financial or investment advice. Check the provider’s current terms before opening an account.
