Nearly Three-Quarters of Czechs Are Aware of Deposit Insurance – But Struggle with the Details

Prague, July 22, 2025: What happens to my money if my bank fails? Will I lose it, or get it back? These questions can be correctly answered by 73% of adult Czechs, according to a new survey conducted by Response:Now for the legally established Financial Market Guarantee System.

“For the stability of the banking sector, it is crucial that people have at least a basic understanding of deposit insurance. The results show that such awareness exists among Czech depositors. The highly publicised case of Sberbank's collapse more than three years ago likely contributed to this awareness. In that case, the Financial Market Guarantee System paid out over CZK 25 billion to its clients,” says Renáta Kadlecová, Executive Director of the Financial Market Guarantee System.

What are the full findings? The survey found that 73% of Czechs aged 18–65 believe that deposits of physical persons in Czech banks are insured. Only 6% believe they are not, and 21% are unsure. “Men are more likely than women to believe that deposits are insured. Awareness increases with age, education level, and income,” says Blanka Jakůbková, analyst at Response:Now.

Deposit insurance is automatic and does not require any application. According to the survey, 60% of the population is aware of this. One in eight people incorrectly believes that an application is necessary, and 29% are unsure. “Deposit insurance is automatic and free of charge. It arises at the moment a financial product is opened – such as a current or savings account, term deposit, or building savings account. By law, banks, cooperative credit unions, and building savings banks must send their clients an annual Information Sheet confirming the insurance of their deposits,” explains Renáta Kadlecová.

What exactly is insured? Most people correctly identified that the following are insured:

Current accounts (90%)
Building savings accounts (82%)
Term deposits and savings accounts (81%)
Savings books (68%)

On the other hand, many respondents incorrectly believed that the following are insured by law:

Pension insurance (76%) (This is not covered by deposit insurance, as it is an investment product. However, it is subject to legal regulation and is therefore considered a safe financial product.)
Life insurance (69%)
Mutual funds (34%)
Bonds and promissory notes (32%)
Shares (25%)
Cryptocurrency accounts (13%)

People also struggle with the question of the maximum amount they could receive from the Financial Market Guarantee System in the event their financial institution fails. “When asked about the insured amount, only 21% of respondents correctly answered €100,000. A similar proportion (19%) gave a lower amount, and 5% a higher one. Another 10% believe there is no limit at all. Nearly half of the population (46%) had no idea,” adds Blanka Jakůbková.

Even fewer people know how quickly insured deposits must be paid out. More than half (56%) of those who believe deposits are insured do not know the time frame in which the Financial Market Guarantee System must reimburse clients of a failed bank, cooperative credit union, or building savings bank. Nearly a quarter (23%) believe it is within 20 working days, 9% say within 14 working days. Only 9% correctly identified the legal time limit: the Financial Market Guarantee System must begin the payout of insured deposits within 7 working days.

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