The savings in my bank account are.
I don't want to sound too pessimistic here, but I think you're a bit deluded with this one. ![Roll Eyes ::)](https://www.eevblog.com/forum/Smileys/default/rolleyes.gif.pagespeed.ce.XcUK202Yqt.gif)
I don't know exactly how things work over there, but in most countries, savings are backed up to a certain amount only, and this maximum tends to get lower and lower as time goes by.
Oh, and even getting this minimum guaranteed is if everything else goes well... in case of a major bank failure. If the crisis is severe, I don't know what the government will back exactly. =)
I'm speaking from my seat here in Australia. Money in various types of accounts is guaranteed to $250,000 per account holder, per institution. Just about every major bank or credit union in Australia are covered under the scheme. If a bank covered under the scheme fails, processes are automatically triggered and the Australian Prudential Regulation Authority will act to electronically transfer funds to an alternate bank account. If you have multiple accounts across two different banks, then you're covered for an additional $250k with that other institution as well.
This scheme doesn't just protect consumer money in savings or term deposit accounts either, it applies to things like mortgage offset accounts and superannuation as well.
Most countries in the EU have a similar consumer protection system.
Which is exactly what I said. (Except for the specific part about mortgages, which is a scheme that we do not have over here, at least not in the same form.)
My points were:
1/ They guarantee only up to a certain amount - which depends on each country - so it may or may not be all of your savings. Of course you may reply that if you ever have more than this, you can split it across different banks. Yes. Now you seem to be slightly better off in Australia with 250k AUD. Over here, it's 100k EUR. 250k AUD is approx. 160k EUR. (But maybe the cost of living is higher in Australia too, not sure about this, or if the maximum guaranteed would have anything to do with it.)
2/ In case you want to secure more than this amount, yes you can split across several banks - but make sure those are not related in any way. These days, many banks are part of the same groups, and they keep fusing faster than light. (Almost
![Laughing :-DD](https://www.eevblog.com/forum/Smileys/default/smiley_laughing.gif.pagespeed.ce._hfWAz_QHO.gif)
) So, keep an eye on it on a regular basis. You may object that having more than $250k in savings is a concern for only a minority of people. Probably. Or that if you have more, you better invest it in things rather than keep it in a bank. Which may be a good idea anyway, even if you have less...
3/ This guarantee holds, as I said, if everything goes "well". So yeah, your bank happens to fail, but it's an isolated case. The guarantee works. You're all happy. Now if there were a major systemic bank failure, things might be different. You're protected by law until said law is broken as part of an exception. It's not like it never happens. Especially lately.
4/ I suggested the guaranteed amount is likely to get lower over time, by law, if things start to go sour. It's not at all unlikely IMHO. If it never happens over there in Australia, good thing. =)
Ultimately, the whole thing is an excellent illustration of how it's all based on *trust*. You apparently happen to have full trust. I'm just evoking other possible views and scenarios if you happen to be a bit less trustful.