Australia Financial Claims Scheme: deposit protection
This guide explains the deposit limit, account coverage and treatment of multiple accounts under Australia’s Financial Claims Scheme.
On this page
- Deposit limit
- A$250,000 per account holder per covered ADIAPRA deposit coverage
The limit attaches to the account holder and ADI
The deposit side of the Financial Claims Scheme protects up to A$250,000 per account holder at each authorised deposit-taking institution (ADI) incorporated in Australia and authorised by APRA. Banks, building societies and credit unions can be ADIs. APRA deposit coverage (opens in a new tab).
Multiple eligible accounts held under the same name at the same ADI are combined before the limit is applied. Opening another account at that institution does not create another protection limit. APRA banking FAQs (opens in a new tab).
Covered deposit accounts
Covered account types include transaction, savings and cheque accounts, term deposits and mortgage offset accounts where the offset is a separate deposit account. Foreign-currency deposit accounts are excluded. APRA deposit coverage (opens in a new tab).
A mortgage redraw facility is not covered when it is not a separate deposit account. Additional loan repayments are not deposits covered by the scheme. APRA banking FAQs (opens in a new tab).
Brands do not establish separate institutions
Some ADIs operate under several brands or trading names. Accounts marketed under different names may therefore belong to the same institution and share the account holder’s limit. APRA banking FAQs (opens in a new tab).
APRA publishes a list of covered institutions and a Deposit Checker. Those records identify coverage. APRA deposit coverage (opens in a new tab).
Joint accounts and account-holder capacity
For a joint account, APRA splits the deposit equally between its holders. Each person’s share is added to their other eligible deposits at the same institution before their individual limit is applied. APRA banking FAQs (opens in a new tab).
Account holders can also be companies, trusts and superannuation funds. A group of individual trustees is treated as a single account holder for the trust or fund, rather than each trustee receiving a separate limit for it. APRA banking FAQs (opens in a new tab).
Activation and scope
The Australian Government activates the scheme following an ADI failure, and APRA administers payments. APRA deposit coverage (opens in a new tab).
This general explanation does not verify any particular account or institution, allocate a payout or recommend moving deposits. The term-deposit calculator models interest and does not determine scheme protection.