About BFG Guarantee

Deposits kept in Bank Millennium SA are protected by Banking Guarantee Fund.

Detailed information about the guarantees is in the Information Sheet for Depositors (PDF in Polish) and in the Act of 10 June 2016 on Banking Guarantee Fund, system of protection of deposits and compulsory restructuring.

Amount of guarantees

The Fund’s guarantees provide protection of up to EUR 100,000 zloty equivalent per depositor in one entity covered by the protection system.

If the depositor has a joint account with another person: the limit of EUR 100,000 zloty equivalent applies to each of the depositors independently.

In case of escrow accounts, depositor is each of the parties placing the funds to the extent resulting from their share in the amount accumulated on the account.

Protection is provided for registered PLN and FX deposits of:

  • natural persons,
  • legal persons,
  • organisation units, which are not legal persons and are granted capacity for legal transactions under an independent Act of Law,
  • school savings unions,
  • employee savings and loan associations.

Who is not covered by the protection?

The following deposits are not covered by the protection:
  1. State Treasury,
  2. National Bank of Poland,
  3. Banks, foreign banks and credit institutions referred to in the Banking Law Act,
  4. Credit unions and the National Credit Union (Krajowa Spółdzielcza Kasa Oszczędnościowo-Kredytowa),
  5. Bank Guarantee Fund,
  6. Financial institutions,
  7. Investment firms referred to in Art. 4 section 1 item 2 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1, as later amended) and recognised investment firms from third country referred to in Art. 4 section 1 item 25 of this Regulation,
  8. Persons and entities who were not classified by the entity covered by the deposit guarantee system,
  9. Domestic and foreign insurance companies and domestic and foreign restructuring companies, referred to in the Act of 11th of September 2015 on Insurance and Re-insurance Activity (Journal of Laws of 2015 item 1844 and 2016 item 615),
  10. Investment funds, investment fund companies, foreign funds, management companies and branches of investment companies, referred to in the Act of 27th of May 2004 on Investment Funds and Management of Alternative Investment Funds (Journal of Laws of 2014 item 157 as later amended),
  11. Open pension funds, employee pension funds, universal pension fund companies and employee pension fund companies, referred to in the Act of 28th of August 1997 on organisation and Operation of Pension Funds (Journal of Laws of 2016 item 291 and 615),
  12. Units of local government,
  13. Bodies of public authority of member state other than the Republic of Poland and third country, in particular, central governments, regional governments and units of local government of these states.

Which funds are covered by the protection?

The following are covered by the protection:
  • Funds accumulated by depositor on bank accounts,
  • Amounts paid to cover the costs of the funeral of account holder, due and payable before the date of guarantee fulfilment,
  • Amounts stemming from the instructions in the event of death of the depositor, due and payable before the date of guarantee fulfilment.
  • Receivables under bank securities, confirmed with registered documents issued by the issuer or registered deposit certificates referred to in Art. 9 section 1 of Act on Trading in Financial Instrument, provided there were issued by 2nd of July 2014.

The guarantee protection does not cover funds and receivables:

  • Paid under shares, registration fees and membership contributions to the cooperative,
  • Small amounts (total of funds lower than equivalent of 2.5 EUR), if they are the only funds of the depositor covered by guarantee protection and if they are on bank accounts on which in the period of 2 years before the day of fulfilment of the guarantee condition there was no turnover, apart from accrual of interest or collection of fees or commissions,
  • Under electronic money in the understanding of the Act of 19th of August 2011 on Payment Services and funds received in exchange for electronic money referred to in Art. 7 section 1 of the above-mentioned Act.

Principles of calculation of the protected amount

  • All funds accumulated in a bank by one person, irrespective of the number of accounts, on which the funds are kept (e.g. term deposits, current accounts) are treated as one deposit,
  • The basis for calculation of the guaranteed amount is the sum of funds deposited on all accounts,
  • For calculation of the guaranteed amount in PLN the average EUR/PLN rate is used from the day of fulfilment of the guarantee requirement, as announced by the National Bank of Poland.