Safeguarded ≠ guaranteed — bank vs e-money in Greece

A neobank app is not always a bank. Money in an e-money institution (EMI) like Wise is safeguarded, which is not the same as the €100,000 deposit guarantee. Money in licensed banks — including N26, bunq and Revolut’s banking entity — does carry a €100,000 guarantee, but from their home country’s scheme and only on euro cash, not crypto or investments. Know which one you’re using.

The distinction that matters

A bank (credit institution): your money is a deposit, protected by a €100,000 deposit guarantee (TEKE in Greece, or the bank’s home-country scheme).
An EMI / payment institution: your money is e-money / client funds, not a deposit. It is safeguarded — ring-fenced in a segregated account at a bank or held in safe assets — but there is no deposit guarantee.

Why “safeguarded” is weaker

if a bank fails, the guarantee pays you up to €100,000 within days, state-backed. If an EMI fails, you rank as a client over the safeguarded pool of funds — recovery depends on how well the safeguarding was done, can be slower, and is not a state-backed €100,000 promise. Safeguarding is real protection, but it is not a guarantee.

Where the popular apps sit

Wise — an EMI, not a bank: funds are safeguarded, no deposit guarantee.
N26, bunq — licensed banks (German, Dutch): €100,000 guarantee via their home scheme.
Revolut — holds a bank licence (Lithuanian): €100,000 guarantee on EUR cash via the Lithuanian scheme — but balances in crypto or stocks are not deposit-protected.

Crypto

crypto is generally not a deposit, so it has no deposit guarantee. Custodial crypto gets client-asset safeguarding under EU rules, not a €100,000 backstop.

The practical rule

use EMIs and neobank apps for what they’re great at — fast onboarding, multicurrency, cheap FX, spending — but for a large balance you want protected, keep it in a licensed bank and know which country’s scheme covers it. Don’t assume an app you “bank with” carries a deposit guarantee; many don’t.

How not to get cheated

before parking serious money, ask two questions — is this a bank or an EMI? and which country’s scheme, on which assets, covers me? The answer is checkable in minutes; see how to verify a provider.

deposit guarantee (€100k) · neobanks in Greece · verify a provider · who supervises your money

This is general information, not financial advice. Provider licences and protection differ and change — confirm each provider’s status before relying on it. WTP Finance is informational only.

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