1. Deposit Protection Scheme

Your eligible deposits with YoWealth are safeguarded under a statutory deposit protection scheme. As outlined in Part 15 of the Financial Services Act 2019, the Gibraltar Deposit Guarantee Scheme (GDGS) ensures that, in the event of your credit institution’s insolvency, your deposits will be reimbursed up to €100,000 (or the equivalent in another currency at the time of payout).

2. General Protection Limit – YoWealth

If a deposit becomes unavailable due to a financial institution’s inability to meet its obligations, the Deposit Guarantee Scheme will compensate eligible depositors up to a maximum of €100,000 (or its equivalent in another currency at the time of payout) per institution.

This means that all eligible deposits held within the same institution are combined to determine the total covered amount. For example:

• If you have €90,000 in a savings account and €20,000 in a current account, Your total deposits would be €110,000, but you would receive a maximum reimbursement of €100,000 (or equivalent currency value).
• 
  

In specific cases, deposits categorized as ‘temporary high balances’ may receive additional protection beyond €100,000 for up to six months from the date of deposit or when they become legally transferable. These include:

• 1. Property transactions for the depositor’s primary residence
• 2. Life events, such as marriage, divorce, retirement, redundancy, or disability
• 3. Compensation payments, such as insurance claims, criminal injury compensation, or wrongful conviction settlements

For further details on coverage and eligibility, please refer to the guidelines of the Gibraltar Deposit Guarantee Scheme. 

3. Protection Limit for Joint Accounts – YoWealth

For joint accounts, each account holder is entitled to a separate coverage limit of €100,000 (or its equivalent in another currency) under the Deposit Guarantee Scheme. For example:

• A joint account held by two individuals would have a total protection of €200,000 (€100,000 per depositor).

However, if an account is held by a business partnership, association, or similar group without legal personality, the total deposits are combined and treated as a single depositor’s funds, meaning the €100,000 limit applies to the entire account, rather than each individual member.

4. Reimbursement – YoWealth

The Gibraltar Deposit Guarantee Scheme (GDGS) is responsible for reimbursing eligible depositors in case of a credit institution's failure. The scheme's contact details are: Gibraltar Deposit Guarantee Scheme

Suite 3, Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar, GX11 1AA

Reimbursement Timeline

• 1. Until 31st December 2023: Repayment within 10 working days
• 2. From 1st January 2024 onwards: Repayment within 7 working days
• 
  

If the Deposit Guarantee Scheme cannot provide full reimbursement within 7 working days, depositors may receive a portion of their covered deposits to cover essential living costs or necessary business expenses within 5 working days of a request. Specific exceptions may apply.

If you haven’t received repayment within the expected timeframe, contact the GDGS promptly, as claims may be time-limited.

For more details, visit http://gdgb.gi/. 

Other Important Information – YoWealth

Most retail depositors and businesses are protected under deposit guarantee schemes. However, some types of deposits may not be covered. Visit the official website of the responsible deposit guarantee scheme for a list of exceptions. You can also ask your credit institution whether specific products are covered. If your deposit is eligible for protection, this should be clearly stated on your account statement.