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Banks included in the Australian Government Guarantee Scheme

Your money is safe with online banks like UBank and ING under 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 if something happens to the bank, this money is guaranteed by the government to be paid back to you. Your deposit up to$250,000 is safe with all Australian ADIs, including online banks like UBank, ING and ME Bank, as well as smaller credit unions. All ADIs are regulated in the same way as the Big Four banks.

High interest savings account offer

UBank USaver

2.87 % p.a.

max rate

1.81 % p.a.

standard variable rate

High interest savings account offer

Earn up to 2.87% p.a. by linking your USaver account to a UBank Ultra transaction account and transferring at least $200 per month into either account. This offer is available on balances up to $200,000.

  • Maximum Rate: 2.87% p.a.
  • Standard Variable Rate: 1.81% p.a.
  • Monthly deposit required: $200.00
  • Monthly fees: $0.00
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Compare bank accounts protected by the Australian Government Guarantee Scheme

Rates last updated May 23rd, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
UBank USaver
2.87%
1.81%
1.06%
$0
$0 / $0
Earn up to 2.87% p.a. by linking your USaver account to a UBank Ultra transaction account and transferring at least $200 per month into either account. This offer is available on balances up to $200,000.
AMP Saver Account
3.00%
2.10%
0.90%
$0
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 2.10% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
Suncorp Growth Saver Account
2.60%
0.20%
2.40%
$0
$0 / $0
Ongoing, variable 2.60% p.a. when you make a total deposit of at least $200 and make no more than one withdrawal. Available on the entire balance.
HSBC Serious Saver
3.10%
1.20%
1.90%
$0
$0 / $0
Receive a maximum variable rate of 3.10% p.a. for 4 months, reverting to an ongoing rate of 1.20% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.

Compare up to 4 providers

Rates last updated May 23rd, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
HSBC Everyday Global Account
Visa
$0
$0
No foreign ATM or transaction fees.
$0 monthly account fee.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
Suncorp Everyday Options Account
Visa
$0
$0
Special offer: Open an account by 30 June 2019 and pay $0 monthly account fee.
New account holders only. $5 monthly account fee will be waived for as long as the account is held.
Save for your individual goals by linking to interest-earning sub accounts. Google and Apple Pay available.
UBank USaver Ultra Transaction Account
Visa
$0
$0
Earn up to 2.87% p.a. interest on your linked savings account. No foreign ATM or transaction fees.
$0 monthly account fee.
You must open the UBank USaver savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign transaction fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set. Make contactless payments with Apple Pay.
ING Orange Everyday Account
Visa
$0
$0
No fees for any ATM in Australia or overseas.
$0 monthly account fees.
Enjoy $0 ATM withdrawal fees when you deposit $1000 and make 5+ card purchases per month. Get a competitive ongoing variable rate when linked with the ING Savings Maximiser.
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card or your phone using Apple Pay, Google Pay, Samsung Pay or NAB Pay for Android. Temporarily block your card at the touch of a button if you lose it.
Suncorp Everyday Basics Account
Visa
$0
$0
A simple everyday account with low fees.
$0 monthly account fee.
Enjoy no monthly account keeping fees as well as the option to pay using Google and Apple Pay. Free ATM withdrawals at 3000+ Suncorp and rediATMs.
MyState Bank Glide Account
Visa
$0
$0
Simplify your everyday banking with these sleek digital features.
$0 monthly account fee.
Choose the way you pay with access to Google, Samsung and Apple Pay plus Fitbit Pay and Garmin Pay. Send and receive money in less than 60 seconds with PayID.
CUA Everyday Account
Visa
$0
$0
Enjoy flexible payment options and access to a wide network of ATMs.
$0 monthly account fee.
Access to Google, Samsung and Apple Pay. Enjoy fee-free cash withdrawals from 10,000+ ATMs across Australia. Deposit $1,000+ into this each month and receive bonus interest on a linked CUA eSaver Reward Account.
Citi Global Currency Account
Mastercard
$0
$0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 2.25% p.a. interest on your AUD balance.
ANZ Access Advantage
Visa
$0
$2,000
Pay with Apple Pay, Google Pay & Samsung Pay.
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 25 or if you meet other eligibility criteria.

Compare up to 4 providers

Rates last updated May 23rd, 2019
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Interest Earned
ME Term Deposit
2.40%
2.40%
2.40%
2.45%
2.40%
2.40%

Compare up to 4 providers

How does the Australian Government Guarantee work?

The Australian bank Government Guarantee protects your deposit up to the value of $250,000. This cap applies per person and per Authorised Deposit-taking Institution (ADI). If you have separate bank accounts with different banks with less than $250,000 in each of them, you will be covered for both accounts. If you have more than $250,000 in a single bank account (or term deposit, or savings account), you won't be covered for the amount over $250,000.

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, Bank SA and St.George). If you have multiple accounts under different brand names but all under one ADI, the guarantee only applies to the one ADI and not the different brands. For example, UBank is protected under the Government Guarantee Scheme, but UBank is owned by NAB. This means that if you have $250,000 in an account with UBank, and $250,000 in an account with NAB, you'll only have $250,000 guaranteed as both banks operate under the same ADI licence.

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:

Australian-owned banks:

Foreign subsidiary banks

An exhaustive list of ADIs

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24 Responses

  1. Default Gravatar
    JimApril 4, 2019

    We are two people with joint accounts. If we have two separate joint account term deposits of 250000 in two different banks are we covered under the govt guarantee for 500000? Thanks

    • Avatarfinder Customer Care
      NikkiApril 4, 2019Staff

      Hi Jim,

      Thanks for getting in touch! Yes, you will be covered the 500,000 govt’ guarantee for each bank account you have on two separate banks.

      Hope this helps!

      Best,
      Nikki

  2. Default Gravatar
    PhilFebruary 11, 2019

    Is a small, not-for-profit organization with bank deposits well under $250,000 covered by the ADI?

    • Avatarfinder Customer Care
      JeniFebruary 12, 2019Staff

      Hi Phil,

      Thank you for getting in touch with finder.

      So long that the bank account is offered by an Authorised Deposit-taking Institution (ADI) then it is covered. It is best that you check whether the institution offering the account is on APRA’s list of Authorised Deposit-taking Institutions.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  3. 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!

    • Avatarfinder 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.

      Best,
      Nikki

  4. 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

    • Avatarfinder 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!

      Cheers,
      Reggie

  5. Default Gravatar
    VitOctober 5, 2018

    Is BankSA covered by the bank guarantee?

    • Avatarfinder 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.

      Cheers,
      Reggie

  6. 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. :)

      Cheers,
      Joel

  7. Default Gravatar
    JoJune 3, 2018

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

    • Avatarfinder 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!

      Cheers,
      Jeni

  8. Default Gravatar
    ShaunMarch 15, 2018

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

    • Avatarfinder Customer Care
      JhezMarch 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.

      Regards,
      Jhezelyn

  9. 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.

      Cheers,
      Danielle

  10. Default Gravatar
    NomAugust 9, 2017

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

    • Avatarfinder 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,
      Jason

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