What is the Financial Claims Scheme (the deposit guarantee)?
The Australian Prudential Regulation Authority (APRA) administers the Financial Claims Scheme, which is an additional protection for deposits.
The Financial Claims Scheme ensures that depositors with a member-owned bank, publicly-listed bank or building society will be guaranteed repayment of their funds in the extremely unlikely event that any banking institution faces stress.
The Scheme includes a guarantee of $250,000 per person per institution.
To find out more about Government guarantees, visit APRA’s Financial Claim Scheme website.