Financial Claims Scheme
Strict Australian regulation protects your deposits with Bank Australia
Bank Australia meets the same strict standards as all Australian banks, under the Banking Act with oversight by the Australian Prudential Regulation Authority (APRA). APRA’s rules on safety and capital apply to all banks, building societies and credit unions to the same high standards.
Deposits with Bank Australia are protected under the Australian Government’s Financial Claims Scheme.
What is the Financial Claims Scheme (the deposit guarantee)?
APRA administers the Financial Claims Scheme (FCS), which is an additional protection for deposits.
The FCS ensures that depositors with banks, credit unions, and building societies 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 FCS website.