How Australian banks protect your savings

Your money is protected by the Australian Government Guarantee Scheme.

The Australian Government guarantees deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as banks, building societies or credit unions. This means that this money is guaranteed if the institution collapses.

This cap applies per person and per ADI. If you have separate accounts with different protected banks with less than $250,000 in them, you will be covered for both accounts. If you have more than $250,000 in a single account, you won't be covered for the amount over $250,000. If you have $250,000 with two different "brands" but they're operated under the same ADI, you'll only get $250,000 in total.

It’s important to understand that the government guarantee covers the underlying ADI, and not different brands. Some ADIs offer multiple accounts under different brand names (such as Westpac and St.George). If you have multiple accounts under different brand names but all under one ADI, the guarantee only applies to the ADI and not the different brands.

Philip wonders if his deposits are guaranteed by the Government Guarantee


Philip currently has $250,000 deposited into a bank account with NAB and another $250,000 deposited into UBank.

After doing some further research, Philip has realised that UBank is a brand under NAB, so he decides to move some of his money to a CommBank savings account. Commbank is not a brand under NAB.

You might need to double check with your ADI to make sure that you don’t fall into this trap. For joint accounts, each person is entitled to an individual guarantee. For example, for a joint account holding two people, the account is covered up to $500,000. Find out if your bank is a sub-brand of a larger ADI here.

What types of accounts does the guarantee cover?

The government guarantee covers a multitude of accounts, including:

What types of accounts don't guarantee cover?

What happens if the bank goes bankrupt?

Are you still protected under the guarantee if your bank goes bankrupt? The short answer is yes. If your ADI is mentioned on the list below, it’s covered by the guarantee. So if you have money in an institution that goes bankrupt, you are protected so long as your account balance doesn’t exceed $250,000.

There are many Australian-owned banks and foreign subsidiary banks that are covered by the Australian Government Guarantee Scheme. The full list is below:

The latest in banking:

Australian-owned banks:

Foreign subsidiary banks

An exhaustive list of ADIs

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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20 Responses

  1. Default Gravatar
    DanielNovember 14, 2018

    G’day Finder. Could you tell me if Bank Australia (formerly bankmecu) is covered by this? Also what about Mystatebank?

    I couldn’t find the info on their websites.

    Thanks very much!

    • finder Customer Care
      NikkiNovember 14, 2018Staff

      Hi Daniel,

      Thanks for getting in touch! Yes, Bank Australia is government guaranteed as well as Mystatebank.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.


  2. Default Gravatar
    tonyOctober 25, 2018

    is the bank of sydney government backed for fixed term deposits as we wish to invest but would like to make sure. thankyou

    • finder Customer Care
      JohnOctober 25, 2018Staff

      Hi Tony,

      Thank you for your question.

      Yes, the Bank of Sydney is covered by the Australian Guarantee Scheme. Hope this helps!


  3. Default Gravatar
    VitOctober 5, 2018

    Is BankSA covered by the bank guarantee?

    • finder Customer Care
      JohnOctober 5, 2018Staff

      Hi Vit,

      Thank you for leaving a question.

      BankSA is a division of Westpac Banking Corporation which is covered by the bank guarantee of up to $250,000. Hope this helps.


  4. Default Gravatar
    JillAugust 22, 2018

    Are Rabo Direct and ING both cover by Australian Guarantee Scheme?

    • Default Gravatar
      JoelAugust 22, 2018

      Hi Jill,

      Thanks for leaving a question on finder.

      Both RaboDirect and ING is covered by the Australian Guarantee Scheme. :)


  5. Default Gravatar
    JoJune 3, 2018

    Hi, I am wondering if ING bank is covered under government guarantee of up to $250,000? Thank you

    • finder Customer Care
      JeniJune 3, 2018Staff

      Hi Jo,

      Thank you for getting in touch with finder.

      Yes, ING Bank is covered under government guarantee of up to $250,000. You may check other banks, building societies, credit unions and other authorised deposit-taking institutions that are covered under the Financial Claims Scheme on this page.

      I hope this helps.

      Have a great day!


  6. Default Gravatar
    ShaunMarch 15, 2018

    Is Rams covered by the bank guarantee, as it’s owned by Westpac?

    • finder Customer Care
      JhezelynMarch 15, 2018Staff

      Hi Shaun,

      Thank you for your comment.

      According to RAMS that RAMS accounts are covered under the Government guarantee, as RAMS accounts are issued by Westpac Banking Corporation.


  7. Default Gravatar
    AnonySeptember 27, 2017

    If a person has millions of dollars, how does one protect their money? I read if you have a joint account of 2 or more it is insured up to 500k? Does this mean a joint account for different banking institutions is the best options i.e. St George, ANZ, etc?

    I was led here after watching ‘The Wizard of Lies’ movie.

    • Default Gravatar
      DanielleSeptember 27, 2017

      Hi there!

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      We won’t be able to tell which option would be the best for you since it would depend on your personal situation and circumstance. But basically if you have more than $250,000, what you can do is have two different accounts under two different ADI’s so that not just one $250,000 will be covered.

      I hope this helps.


  8. Default Gravatar
    NomAugust 9, 2017

    Hi, do you know if UBank is covered by the government? Thanks!

    • finder Customer Care
      JasonAugust 9, 2017Staff

      Hi Nom,

      Thank you for your enquiry.

      Deposits on UBank are guaranteed free of charge under the Government Financial Claims Scheme of up to $250,000 per customer per institution.

      Please check out this page for a comparison of UBank Transaction and Savings Accounts for your reference.

      Kind regards,

  9. Default Gravatar
    jamieJuly 24, 2017

    hi,just wondering if i invest in ipo wealth is it covered by the government or another identity.

    • Default Gravatar
      ArnoldJuly 25, 2017

      Hi Jamie,

      Thanks for your inquiry.

      IPO Wealth Fund is a private company and is covered by private entities.

      An investment in the IPO Wealth Fund (Fund) is not a bank deposit or liability of the issuer and is subject to a greater risk of loss of capital than a cash investment product. Target returns only. Returns are not guaranteed and there is a risk of negative returns. The contents of this document are not intended as financial product advice and have been prepared without taking into account your investment objectives, financial circumstances or particular needs. You should read the Information Memorandum (IM) for the Fund in full to consider whether an investment is appropriate for you. The IM for the Fund is available at

      IPO Wealth Pty Ltd ACN 617 039 255 (IPO Wealth) is investment manager of the IPO Wealth Fund (Fund). IPO Wealth is authorized by D H Flinders Pty Ltd ABN 16 141 601 596 AFSL 477782 (D H Flinders) as a corporate authorized representative (No. 001253092) to provide investment management services in respect of the Fund and in no other capacity. Vasco Investment Managers Limited ACN 138 715 009 AFSL 344486 (Vasco) is a trustee of the Fund and the issuer of the Fund’s Information Memorandum (IM).

      IPO Wealth only provides its services in respect of the Fund to wholesale clients, as defined in s761G of the Corporations Act.

      Neither IPO Wealth, D H Flinders, Vasco or any other party guarantees any income or capital return of the Fund. We strongly recommend that you seek your own professional financial and legal advice prior to any investment decisions.

      Hope this information helped.


  10. Default Gravatar
    TessMay 8, 2017


    I was just wondering if the government guarantee covers business accounts?

    Thank you.

    • finder Customer Care
      MayMay 8, 2017Staff

      Hi Tess,

      Thank you for your inquiry.

      Are you pertaining to the business bank accounts such as but not limited to savings/deposit/transaction accounts? If so, yes. As quoted from the page ASIC’s page relate on banking under “Government guarantee on deposits”

      The types of accounts covered by the guarantee are: savings accounts; call accounts; term deposits; current accounts; cheque accounts; debit card accounts; transaction accounts; personal basic accounts; cash management accounts; farm management deposits; pensioner deeming accounts; mortgage offset accounts, either 100 per cent or partial offset that are separate deposit accounts; trustee accounts; and retirement savings accounts.

      The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union.

      If you’re unsure whether your business account is guaranteed, you’d be best to directly contact your financial institution.


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