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Government Guarantee

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Deposits in credit unions, building societies and mutual banks are covered by the Australian Government’s guarantee scheme, the Financial Claims Scheme.

Credit unions, building societies and mutual banks are Authorised Deposit-taking Institutions (ADIs) regulated by the Australian Prudential Regulation Authority (APRA).

The guarantee applies to deposits of up to $250,000 per account-holder, per ADI. An account holder can be an individual or an entity, such as a body corporate, an unincorporated association, a trust or a super fund

The guarantee applies to a wide range of ADI accounts, including savings accounts, at-call accounts, term deposits, cheque accounts, retirement savings accounts, farm management deposits  and first home saver accounts.

The guarantee does not apply to deposits in branches of foreign banks or to interest-bearing investments in finance companies and other institutions that are not ADIs supervised by APRA.

The guarantee is administered by APRA. For more information on key features of the deposit guarantee, click here.

For information about the Australian Government’s deposit guarantee seal, click here.

Some ADIs operate multiple brands or may offer deposit accounts under more than one brand name. However, they are still part of the same ADI. The guarantee covers deposits per ADI, not per brand name. For example, if you have multiple deposit accounts with brands that are owned by the same ADI, the guarantee will only apply to $250,000 of these funds in total. If this concerns you, make sure you know who the ADI is that you bank with.

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