PSD2
Payment Services Directive 2 (Directive 2015/2366)EU directive governing payment services and PSPs; introduced Strong Customer Authentication (SCA), open banking APIs, and consumer protections. Being superseded by PSD3/PSR.
€100,000 protection,
bank by bank.
Which of the 86 European neobanks we follow actually carry Deposit Guarantee Scheme cover — and which only "safeguard" your money. A single page, kept current.
Download the underlying data: dgs-tracker-2026.json · 86 rows · CC-BY 4.0 · cite as: Neobanks Guide, Stephan Kulik,
Full DGS · €100k ceiling
26/86
Of the 86 neobanks we follow, 26 are credit institutions with
full national DGS cover.
Safeguarded only
41/86
E-money and payment institutions. Money is ring-fenced at a custody bank, but not
insured.
Legal highest ceiling
€100k
Per depositor, per authorised credit institution. Harmonised across the EU under DGSD.
Jurisdictions covered
36
Germany, Lithuania, Netherlands, Denmark, France, Ireland, Belgium and the UK — each
with its own scheme.
01 — The tracker
All 86, in one table.
Licence class, regulator, scheme name, and the actual euro ceiling you'd receive in a failure scenario. Filter by status.
| Bank | Licence | Ceiling | Scheme | Regulator | Status |
|---|---|---|---|---|---|
| Revolut United Kingdom · since 2015 | Credit institution | €100,000 Per depositor | VĮ Indėlių ir investicijų draudimas LT · DGS | Bank of Lithuania | Full DGS |
| N26 Germany · since 2013 | Credit institution | €100,000 Per depositor | Entschädigungseinrichtung deutscher Banken DE · EdB | BaFin | Full DGS |
| bunq Netherlands · since 2012 | Credit institution | €100,000 Per depositor | De Nederlandsche Bank — DGS NL · DNB-DGS | De Nederlandsche Bank | Full DGS |
| Wise United Kingdom · since 2011 | E-money institution | Not insured Safeguarded at custody | FSCS (UK) UK · FSCS | FCA / PRA | Safeguarded |
| Vivid Money Germany · since 2019 | E-money institution | Not insured Safeguarded at custody | Entschädigungseinrichtung deutscher Banken DE · EdB | Germany | Safeguarded |
| Qonto France · since 2017 | Payment institution | Not insured Safeguarded at custody | Fonds de Garantie des Dépôts FR · FGDR | France | Hybrid |
| Trade Republic Germany · since 2015 | Credit institution | €100,000 Per depositor | Entschädigungseinrichtung deutscher Banken DE · EdB | BaFin · Bundesbank | Full DGS |
| Monzo United Kingdom · since 2015 | Credit institution | €100,000 Per depositor | Irish Deposit Guarantee Scheme IE · DGS | FCA / PRA | Full DGS |
| Lunar Denmark · since 2015 | Credit institution | €100,000 Per depositor | Garantiformuen DK · GF | Finanstilsynet | Full DGS |
| Starling Bank United Kingdom · since 2014 | Credit institution | £85,000 Per depositor | FSCS (UK) UK · FSCS | FCA / PRA | Full DGS |
| Chime United States · since 2013 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Varo Money United States · since 2015 | Credit institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Full DGS |
| SoFi United States · since 2011 | Credit institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Full DGS |
| Cash App United States · since 2013 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Mercury United States · since 2017 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Nubank Brazil · since 2013 | Credit institution | R$250,000 Per depositor | Fundo Garantidor de Créditos BR · FGC | Brazil | Full DGS |
| Mercado Pago Argentina · since 2003 | Payment institution | Not insured Safeguarded at custody | Seguro de Depósitos Sociedad Anónima AR · SEDESA | Argentina | Hybrid |
| Banco Inter Brazil · since 1994 | Credit institution | R$250,000 Per depositor | Fundo Garantidor de Créditos BR · FGC | Brazil | Full DGS |
| C6 Bank Brazil · since 2018 | Credit institution | R$250,000 Per depositor | Fundo Garantidor de Créditos BR · FGC | Brazil | Full DGS |
| Ualá Argentina · since 2017 | Payment institution | Not insured Safeguarded at custody | Seguro de Depósitos Sociedad Anónima AR · SEDESA | Argentina | Hybrid |
| Revolut Singapore Singapore · since 2019 | Payment institution | Not insured Safeguarded at custody | Singapore Deposit Insurance Corporation SG · SDIC | Singapore | Hybrid |
| GoTyme Philippines · since 2022 | Payment institution | Not insured Safeguarded at custody | Philippine Deposit Insurance Corporation PH · PDIC | Philippines | Hybrid |
| Tonik Philippines · since 2020 | Payment institution | Not insured Safeguarded at custody | Philippine Deposit Insurance Corporation PH · PDIC | Philippines | Hybrid |
| K Bank Korea · since 2017 | Credit institution | ₩50,000,000 Per depositor | Korea Deposit Insurance Corporation KR · KDIC | Korea | Full DGS |
| Kakao Bank Korea · since 2017 | Credit institution | ₩50,000,000 Per depositor | Korea Deposit Insurance Corporation KR · KDIC | Korea | Full DGS |
| Rakuten Bank Japan · since 2001 | Credit institution | Not insured Safeguarded at custody | Safeguarded at custody bank Safeguarding | Japan | Full DGS |
| Up Bank Australia · since 2018 | Payment institution | Not insured Safeguarded at custody | Financial Claims Scheme AU · FCS | Australia | Hybrid |
| Liv. United Arab Emirates · since 2017 | E-money institution | Not insured Safeguarded at custody | UAE Deposit Protection Scheme AE · DPS | United Arab Emirates | Safeguarded |
| Mashreq Neo United Arab Emirates · since 2017 | Payment institution | Not insured Safeguarded at custody | UAE Deposit Protection Scheme AE · DPS | United Arab Emirates | Hybrid |
| Kuda Nigeria · since 2019 | E-money institution | Not insured Safeguarded at custody | Nigeria Deposit Insurance Corporation NG · NDIC | FCA / PRA | Safeguarded |
| Opay Nigeria · since 2018 | E-money institution | Not insured Safeguarded at custody | Nigeria Deposit Insurance Corporation NG · NDIC | Nigeria | Safeguarded |
| TymeBank South Africa · since 2018 | Payment institution | Not insured Safeguarded at custody | Corporation for Deposit Insurance ZA · CODI | South Africa | Hybrid |
| Wio United Arab Emirates · since 2022 | Credit institution | AED 250,000 Per depositor | UAE Deposit Protection Scheme AE · DPS | United Arab Emirates | Full DGS |
| stc Bank Saudi Arabia · since 2017 | Credit institution | SAR 200,000 Per depositor | Saudi Deposit Protection Fund (SAMA) SA · DPS | Saudi Arabia | Full DGS |
| Meem Saudi Arabia · since 2014 | Credit institution | SAR 200,000 Per depositor | Saudi Deposit Protection Fund (SAMA) SA · DPS | Saudi Arabia | Full DGS |
| ila Bank Bahrain · since 2019 | Payment institution | Not insured Safeguarded at custody | Bahrain Deposit & URIA Account Compensation Scheme BH · DCS | Bahrain | Hybrid |
| Discovery Bank South Africa · since 2019 | Payment institution | Not insured Safeguarded at custody | Corporation for Deposit Insurance ZA · CODI | South Africa | Hybrid |
| Bank Zero South Africa · since 2018 | Payment institution | Not insured Safeguarded at custody | Corporation for Deposit Insurance ZA · CODI | South Africa | Hybrid |
| ALAT by Wema Nigeria · since 2017 | Credit institution | NGN 5,000,000 Per depositor | Nigeria Deposit Insurance Corporation NG · NDIC | Nigeria | Full DGS |
| Ally Bank United States · since 2009 | Payment institution | Not insured Safeguarded at custody | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Discover Bank United States · since 1911 | Payment institution | Not insured Safeguarded at custody | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Marcus by Goldman Sachs United States · since 2016 | Payment institution | Not insured Safeguarded at custody | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Brex United States · since 2017 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Bluevine United States · since 2013 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Ramp New York · since 2019 | Payment institution | Not insured Safeguarded at custody | Federal Deposit Insurance Corporation US · FDIC | New York | Hybrid |
| Rho New York · since 2018 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | New York | Hybrid |
| Tide London · since 2015 | Payment institution | £85,000 Per depositor | FSCS (UK) UK · FSCS | FCA / PRA | Hybrid |
| Finom Amsterdam · since 2019 | E-money institution | Not insured Safeguarded at custody | De Nederlandsche Bank — DGS NL · DNB-DGS | De Nederlandsche Bank | Safeguarded |
| Aspire Singapore · since 2018 | Payment institution | SGD 100,000 Per depositor | Singapore Deposit Insurance Corporation SG · SDIC | Singapore | Hybrid |
| Airwallex Melbourne · since 2015 | Payment institution | SGD 100,000 Per depositor | Singapore Deposit Insurance Corporation SG · SDIC | FCA / PRA | Hybrid |
| Nubank PJ São Paulo · since 2013 | Payment institution | Not insured Safeguarded at custody | Fundo Garantidor de Créditos BR · FGC | São Paulo | Hybrid |
| Mercado Pago Empresas São Paulo · since 2003 | Payment institution | R$250,000 Per depositor | Fundo Garantidor de Créditos BR · FGC | São Paulo | Hybrid |
| Lili United States · since 2018 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Found United States · since 2019 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Novo United States · since 2018 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | United States | Hybrid |
| Relay Canada · since 2018 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | Canada | Hybrid |
| Nequi Colombia · since 2016 | Credit institution | COP 50,000,000 Per depositor | Fondo de Garantías de Instituciones Financieras CO · FOGAFIN | Colombia | Full DGS |
| Klar Mexico · since 2019 | Payment institution | Not insured Safeguarded at custody | Instituto para la Protección al Ahorro Bancario MX · IPAB | Mexico | Hybrid |
| Stori Mexico · since 2018 | Payment institution | Not insured Safeguarded at custody | Instituto para la Protección al Ahorro Bancario MX · IPAB | Mexico | Hybrid |
| RappiPay Colombia · since 2020 | Payment institution | Not insured Safeguarded at custody | Fondo de Garantías de Instituciones Financieras CO · FOGAFIN | Colombia | Hybrid |
| Banco PAN Brazil · since 1969 | Credit institution | R$250,000 Per depositor | Fundo Garantidor de Créditos BR · FGC | Brazil | Full DGS |
| Toss Bank South Korea · since 2021 | Credit institution | ₩50,000,000 Per depositor | Korea Deposit Insurance Corporation KR · KDIC | South Korea | Full DGS |
| Bank Jago Indonesia · since 2021 | Credit institution | IDR 2,000,000,000 Per depositor | Lembaga Penjamin Simpanan ID · LPS | Indonesia | Full DGS |
| WeBank China · since 2014 | Credit institution | CN¥500,000 Per depositor | China Deposit Insurance Scheme (PBoC) CN · DIS | China | Full DGS |
| Trust Bank Singapore · since 2022 | Payment institution | Not insured Safeguarded at custody | Singapore Deposit Insurance Corporation SG · SDIC | Singapore | Hybrid |
| Maya Bank Philippines · since 2022 | Payment institution | Not insured Safeguarded at custody | Philippine Deposit Insurance Corporation PH · PDIC | Philippines | Hybrid |
| YAP United Arab Emirates · since 2021 | Payment institution | AED 250,000 Per depositor | UAE Deposit Protection Scheme AE · DPS | United Arab Emirates | Hybrid |
| Zand United Arab Emirates · since 2021 | Credit institution | AED 250,000 Per depositor | UAE Deposit Protection Scheme AE · DPS | United Arab Emirates | Full DGS |
| Nomo United Kingdom · since 2021 | Payment institution | Not insured Safeguarded at custody | FSCS (UK) UK · FSCS | FCA / PRA | Hybrid |
| Now Money United Arab Emirates · since 2017 | E-money institution | Not insured Safeguarded at custody | UAE Deposit Protection Scheme AE · DPS | United Arab Emirates | Safeguarded |
| Carbon Nigeria · since 2012 | Payment institution | Not insured Safeguarded at custody | Nigeria Deposit Insurance Corporation NG · NDIC | Nigeria | Hybrid |
| M-Shwari Kenya · since 2012 | Payment institution | Not insured Safeguarded at custody | Kenya Deposit Insurance Corporation KE · KDIC | Kenya | Hybrid |
| Chipper Cash Nigeria · since 2018 | E-money institution | Not insured Safeguarded at custody | Nigeria Deposit Insurance Corporation NG · NDIC | FCA / PRA | Safeguarded |
| Mukuru South Africa · since 2004 | E-money institution | Not insured Safeguarded at custody | Corporation for Deposit Insurance ZA · CODI | FCA / PRA | Safeguarded |
| Sony Bank Japan · since 2001 | Credit institution | Not insured Safeguarded at custody | Safeguarded at custody bank Safeguarding | Japan | Full DGS |
| Statrys Hong Kong · since 2018 | Payment institution | Not insured Safeguarded at custody | Safeguarded at custody bank Safeguarding | Hong Kong | Hybrid |
| Memo Bank Paris · since 2017 | E-money institution | Not insured Safeguarded at custody | Fonds de Garantie des Dépôts FR · FGDR | ACPR | Safeguarded |
| Anna London · since 2017 | E-money institution | Not insured Safeguarded at custody | FSCS (UK) UK · FSCS | FCA / PRA | Safeguarded |
| Holvi Helsinki · since 2011 | E-money institution | Not insured Safeguarded at custody | Safeguarded at custody bank Safeguarding | Helsinki | Safeguarded |
| Penta Berlin · since 2017 | Payment institution | Not insured Safeguarded at custody | Safeguarded at custody bank Safeguarding | BaFin | Hybrid |
| Grasshopper New York · since 2019 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | New York | Hybrid |
| BHub São Paulo · since 2020 | Payment institution | Not insured Safeguarded at custody | Fundo Garantidor de Créditos BR · FGC | São Paulo | Hybrid |
| AngelList Stack San Francisco · since 2020 | Payment institution | US$250,000 Per depositor | Federal Deposit Insurance Corporation US · FDIC | San Francisco | Hybrid |
| Cora São Paulo · since 2019 | Payment institution | Not insured Safeguarded at custody | Fundo Garantidor de Créditos BR · FGC | São Paulo | Hybrid |
| Conta Azul Joinville · since 2012 | Payment institution | Not insured Safeguarded at custody | Fundo Garantidor de Créditos BR · FGC | Joinville | Hybrid |
| Tiger BBP Singapore · since 2014 | Payment institution | Not insured Safeguarded at custody | Singapore Deposit Insurance Corporation SG · SDIC | Singapore | Hybrid |
Full DGS — €100,000 legal deposit guarantee
Safeguarded — ring-fenced at custody, not insured
Showing 86 of 86
02 — The distinction
"Safeguarded" is not the same as insured.
The most common mistake readers make: assuming €100,000 cover extends to every app that looks like a bank. It doesn't. Here's the actual legal difference, in plain English.
Full DGS — credit institutions
A credit institution holds a full banking licence. If it fails, the national DGS pays out up to €100,000 per depositor, usually within seven working days. This is the legal insurance.
The ceiling is harmonised across the EU under the Deposit Guarantee Schemes Directive (2014/49/EU). The scheme is national, but the rules are common.
Within our index, 26 banks qualify: Revolut, N26, bunq, Trade Republic, Monzo, Lunar, Starling Bank, Varo Money, SoFi, Nubank, Banco Inter, C6 Bank, K Bank, Kakao Bank, Rakuten Bank, Wio, stc Bank, Meem, ALAT by Wema, Nequi, Banco PAN, Toss Bank, Bank Jago, WeBank, Zand, Sony Bank.
Safeguarding — e-money and payment institutions
An e-money or payment institution cannot take deposits. It must "safeguard" customer money — usually by holding it at a separate credit institution, in a ring-fenced account.
If the e-money institution fails, customer money is (in principle) returned from the safeguarding account. But the process can take months, there is no statutory payout window, and there is no insurance if the safeguarded amount falls short.
Within our index, 41 banks fall under safeguarding: Wise, Vivid Money, Liv., Kuda, Opay, Finom, Now Money, Chipper Cash, Mukuru, Memo Bank, Anna, Holvi, Qonto, Mercado Pago, Ualá, Revolut Singapore, GoTyme, Tonik, Up Bank, Mashreq Neo, TymeBank, ila Bank, Discovery Bank, Bank Zero, Ally Bank, Discover Bank, Marcus by Goldman Sachs, Nubank PJ, Klar, Stori, RappiPay, Trust Bank, Maya Bank, Nomo, Carbon, M-Shwari, Statrys, BHub, Cora, Conta Azul, Tiger BBP.
03 — Changelog See the methodology →
What changed this quarter.
14 Apr 2026
Monzo EU licence review. Irish
credit-institution application remains pending; current users are protected under UK FSCS,
not Irish DGS, until ECB authorisation completes.
Clarified 02 Apr 2026
Vivid Money reclassified. Moved
from pure e-money to hybrid status after launching broker-dealer arm. Cash uninsured; stocks
under LT investor-compensation (€22,000 cap).
Changed 21 Mar 2026
bunq top-up cover discontinued. Voluntary insurance above €100,000 (via Swiss Re) wound down in Q1; statutory Dutch DNB-DGS
cover remains unchanged.
Clarified 11 March 2026
Full re-verification. All 86 entries cross-checked against the EBA register and the relevant national regulator portal.
Verified 04 — The framework
The four regulations behind every tracker row.
Every entry in the tracker is governed by one of these four EU regulations. PSD2 + PSD3 cover payment services (including safeguarding rules for EMIs and PIs). DORA imposes operational-resilience obligations on every credit institution running an EU DGS account. AMLR is the AML rulebook every bank in the index must comply with. Each card links directly to EUR-Lex or the Commission's source page.
PSD3
Third Payment Services Directive (provisional agreement)Successor framework to PSD2. EU Parliament and Council reached provisional political agreement 27 November 2025. Extends Verification of Payee (VoP) to all credit transfers; mandates fraud-data sharing between PSPs.
DORA
Digital Operational Resilience Act (Regulation (EU) 2022/2554)ICT risk-management and incident-reporting framework for EU financial entities. In force since 17 January 2025.
AMLR / AMLD6
EU Anti-Money-Laundering Package: AML Regulation + 6th AML Directive + AMLASingle AML rulebook + EU AML Authority (AMLA, HQ Frankfurt, operational 2025). 6th AML Directive transposed 2025–2027; AMLR directly applicable from July 2027.