I have a sum of money in a European bank, and I prefer to have it in a current account for two reasons. One, I don't know how much over the coming year I will need to spend without notice and two, the savings accounts aren't offering interest rates high enough for me to even bother wasting my time to sign the paperwork. The bank is an Austrian one, but I live in another EU state, where the bank has a locally operating subsidiary.
However, given the economic outlook now as a result of the circus in the US, I am concerned we will be facing another banking crisis within a couple of years. In the event of bank failure, the state under EU regs guarantees deposits up to a certain amount. But are there any conditions to this? Must they be saving account deposits or do current account deposits apply too, for example?
Further, which state guarantees the account? The state where the account holder is resident, the state where the bank account is, or the state of the bank account's company, or something else (eg: an EU fund)? (And for extra bonus points, how, if at all, is that affected by Brexit?)