In order to make Americans feel more secure, the FDIC insurance for U.S. bank accounts has been raised from $100,000 to $250,000. I checked this out with my bank back in the states, but they only guarantee this protection through 2009 (I guess after that, there really is no money left).
All of this talk got me wondering about other countries’ banking protection. And what do you know, Blick Am Abend ran an article on that last night, with a front page headline, “Helfen Sie sich selbst!” (You must help yourself).
Swiss bank accounts are only protected up to CHF 30,000 per account and client. In fact, banks in Switzerland have the lowest insurance rate of any European country and the government does not plan on changing that anytime soon. Kind of makes you wonder why rich people find Swiss banks so appealing—especially with secrecy laws coming into question (for example, as of 2007, all U.S. citizens must declare foreign bank accounts with the IRS, or face penalties of $100,000).
Anyhow, here is a rundown of banking protection. Forget Swiss Banks, I think it's time we all moved our money into Denmark, Germany, Greece, Ireland, or Austria!
(all figures are in Swiss Francs)
Denmark, Germany, Greece, Ireland, Austria—all money is protected.
Norway—376,000
USA—283,000
Italy—161,100
France—109,200
Japan—108,000
Canada—104,500
England—100,000
Sweden—80,000
Portugal—52,700
Finland—39,000
Belgium, Spain, Luxemburg, and Holland—31,200
Switzerland—30,000
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