Dukascopy announces that deposit protection regulation is changing from January 1, 2023 for accounts held at Swiss banks (deposit insurance scheme) for specific customers.

Deposits at Dukascopy Bank are covered by the deposit insurance scheme. In the event of a bank’s bankruptcy, the deposit insurance scheme protects client deposits against loss up to the amount of CHF 100 000 (laid down by law).

If a client has multiple accounts at the same bank, the credit balances are added together, with a maximum amount of CHF 100 000 covered.

If several persons own an account together, this group is treated as an individual, separate client when it comes to protection. If this group holds multiple accounts, these are added together. The balance for the group is protected up to a total of CHF 100,000.

As an example, groups might comprise spouses, simple partnerships, communities of heirs or condominium associations.

If individuals in such a group have their own separate client relationship with the bank, a balance of up to CHF 100 000 is also protected for this separate client relationship.

Until 31 December 2022, the group’s balance is divided among the individuals in the group, the split amount then added together with claims from individuals’ own separate client relationship and the protection capped at CHF 100,000 per person.

«Financial intermediaries» are no longer protected (no protection and no privileged treatment of deposits in case of bankruptcy). As an example, these include other banks, securities firms and insurance providers.

If a client has deposits at a foreign branch of the bank, they are considered to be an individual, separate client of this branch. Deposits booked in Switzerland and deposits booked in a foreign branch are no longer added together for protection purposes or for privileged treatment under bankruptcy law.

Deposits that are booked in foreign branches will continue to have no protection but will receive privileged treatment under bankruptcy law for up to CHF 100,000.

The legal provisions for deposit protection can be found in Articles 36a to 37jbis of the amended Banking Act and in Articles 42a to 44a of the amended Banking Ordinance.