DPS
DPS (Deposit Protection Scheme) At Sovereign Bank, we take the safety and security of your deposits seriously. That's why we are a member of the Deposit Protection Scheme (DPS), which ensures that your eligible deposits are protected up to a certain limit in the unlikely event that the bank encounters financial difficulties. What is the Deposit Protection Scheme (DPS)? The Deposit Protection Scheme is a government-backed initiative that protects the funds you deposit with Sovereign Bank. If Sovereign Bank were to face insolvency, the DPS guarantees that you will be reimbursed for your eligible deposits, up to the specified coverage limit. How Does DPS Work? Eligibility: Most deposits made by individuals, businesses, and certain other organizations are eligible for protection under the scheme. This includes savings and current accounts, as well as fixed deposits. Coverage Limit: The scheme covers deposits up to a specified amount per depositor, per bank. For example, if you have multiple accounts at Sovereign Bank, your total deposits across all accounts will be aggregated and covered up to the protection limit. Reimbursement: In the event that the bank becomes insolvent, the DPS will ensure you are reimbursed for your eligible deposits, usually within a certain time frame. Why Choose Sovereign Bank? Safety and Security: Your deposits are protected under the DPS, giving you added peace of mind when banking with us. Trustworthy and Reliable: As a member of the DPS, Sovereign Bank is committed to maintaining the highest standards of financial security and customer protection. For more information about the Deposit Protection Scheme or if you have any questions about your eligible deposits, please contact us directly or visit our website. We're here to help!