Temporary High Balances


Temporary High Balances

In some cases eligible deposits which are categorised as ‘temporary high balances’ are protected above €100,000 to the maximum limit of £1million (or the currency equivalents) for 6 months after the amount has been credited or from the moment when such eligible deposits become legally transferable.

The Gibraltar Deposit Guarantee Scheme cannot confirm the eligibility of a particular temporary high balance unless/until the bank has failed. This is because we’d need to review all of the available evidence to check that there was a sufficient connection between the relevant life event and the sums in the depositor’s account.

Eligible deposits connected with certain events to have caused a temporary high balance in your bank account might include:

  • Real estate transactions.
  • Benefits payable under an insurance policy.
  • Personal injury compensation.
  • Disability or incapacity (state benefits).
  • Claim for compensation for wrongful conviction.
  • Claim for compensation for unfair dismissal.
  • Redundancy (voluntary or compulsory).
  • Marriage or civil partnership.
  • Divorce or dissolution of their civil partnership.
  • Benefits payable on retirement.
  • Benefits payable on death.
  • A claim for compensation in respect of a person's death.
  • Inheritance.
  • Proceeds of a deceased's estate held by their personal representative.

To prove a Depositor has held a temporary high balance evidence will be required (but not limited to) the following:

  • A property sale receipt or agreement.
  • A court judgement.
  • A will.
  • A letter from an insurer regarding an insurance payout.
  • A letter from a lawyer, conveyancer, mortgage provider, former employer, pension trustees.
  • Court orders.
  • Social security statements.
  • Probate/letters of administration.
  • Death/marriage certificate.
  • Land registry records.”

This is just a simple notice. Everything is in order and this is a simple link.