Is it safe to put money in a Finnish bank account

Valentin · Post by **Valentin** » Tue Jun 30, 2015 12:32 am

I'll be living in Finland as a student for two years and I'm wondering this. The question might sound silly, but I heard a lot of things about the Euro falling and the economic crisis in Greece. Let me first clarify that I barely know anything about economy and how banks work, and I just need some reassurance.

Is it possible that the Finnish bank where I had my money at will one day suddenly collapse and that I'll lose all my money? I really don't know much about all this stuff. Can this actually happen?

**Sponsor:**

Beep_Boop · Post by **Beep_Boop** » Tue Jun 30, 2015 12:45 am

It can happen.
Is it gonna happen any time soon? I don't think so.
I mean, come on! Banks in Syria are still working normally; performing deposits and withdrawals, so I think Finnish banks are pretty okay.

betelgeuse · Post by **betelgeuse** » Tue Jun 30, 2015 9:16 am

Valentin wrote: Is it possible that the Finnish bank where I had my money at will one day suddenly collapse and that I'll lose all my money? I really don't know much about all this stuff. Can this actually happen?

If it's a single bank that collapses, you are insured up to 100k:

http://www.politico.eu/article/eu-revis ... uarantees/

For systematic failure the insurance scheme might not have enough money. At that point there would be other huge worries.

betelgeuse · Post by **betelgeuse** » Tue Jun 30, 2015 9:17 am

tummansininen wrote:Yes, it's possible. But where do you live? Your bank could do the same.

Is it likely? Doubt it. Finland's economy is still rated AA+.

AAA from the other two big raters:

http://www.treasuryfinland.fi/en-US/Eco ... it_ratings

onkko · Post by **onkko** » Tue Jun 30, 2015 1:16 pm

betelgeuse wrote:
Valentin wrote: Is it possible that the Finnish bank where I had my money at will one day suddenly collapse and that I'll lose all my money? I really don't know much about all this stuff. Can this actually happen?
If it's a single bank that collapses, you are insured up to 100k:

http://www.politico.eu/article/eu-revis ... uarantees/

For systematic failure the insurance scheme might not have enough money. At that point there would be other huge worries.

This, Systematic failure and i hope you have potato field etc. Money would be least of worries.

harryc · Post by **harryc** » Tue Jun 30, 2015 7:18 pm

"This, Systematic failure and i hope you have potato field etc. Money would be least of worries."

To say nothing of getting benefit from any Russian lessons you've had.

Valentin · Post by **Valentin** » Wed Jul 01, 2015 6:58 pm

Alright, thanks for the answers.

AldenG · Post by **AldenG** » Wed Jul 01, 2015 10:22 pm

You could do like some in Greece are doing and "invest" it in luxury cars.

Finland Forum

Find information about moving to, living in and life in Finland