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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

Rabobank Online Savings High Interest Savings Account

2.75 % p.a.

max rate

1.30 % p.a.

standard variable rate

High interest savings account offer

Maximum variable rate of 2.75% p.a. for 4 months, reverting to a rate of 1.30% p.a. No deposit or withdrawal conditions. Available on balances below $250,000

  • Maximum Rate: 2.75% p.a.
  • Standard Variable Rate: 1.30% p.a.
  • Introductory period: 4 months
  • Monthly fees: $0.00
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Compare bank accounts protected by the Australian Government Guarantee Scheme

Rates last updated August 20th, 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
Rabobank Online Savings High Interest Savings Account
2.75%
1.30%
1.45%
$0
$0 / $0
Maximum variable rate of 2.75% p.a. for 4 months, reverting to a rate of 1.30% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
UBank USaver
2.41%
1.35%
1.06%
$0
$0 / $0
Ongoing, variable 2.41% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
AMP Saver Account
2.75%
1.65%
1.10%
$0
$0 / $0
Introductory rate of 2.75% p.a. for 4 months, reverting to a rate of 1.65% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
HSBC Flexi Saver Account
2.15%
0.65%
1.50%
$0
$0 / $0
Ongoing, variable 2.15% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
Suncorp Growth Saver Account
2.05%
0.20%
1.85%
$0
$0 / $0
Ongoing, variable 2.05% p.a. when you make a total deposit of at least $200 and make no more than one withdrawal. Available on the entire balance.

Compare up to 4 providers

Rates last updated August 20th, 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
Special offer: $100 bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases under $100.
Enjoy no foreign ATM or transaction fees and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available. T&C's apply to $100 bonus and 2% cashback offers.
Suncorp Everyday Options Account
Visa
$0
$0
Monthly account keeping fee waived for life.
$0 account keeping fee: Applies to all new accounts opened from 3 December 2018.

Save for your individual goals by linking to interest-earning sub accounts. Google and Apple Pay available.
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.
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.
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.
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.
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.
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 1.75% p.a. interest on your AUD balance.

Compare up to 4 providers

Rates last updated August 20th, 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
UBank Term Deposit Account
1.95%
1.95%
1.95%
-
1.95%
-
ANZ Term Deposit
1.00%
1.00%
1.00%
1.00%
1.05%
1.45%
Citibank Term Deposit 250K
2.40%
-
2.40%
-
-
-
ANZ Advance Notice Term Deposit (31 days notice required for early withdrawals)
1.60%
1.45%
1.60%
1.45%
1.70%
1.60%

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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30 Responses

  1. Default Gravatar
    KevinJuly 8, 2019

    Would a self-managed super fund for my wife and I be able to have two term deposits of $250k guaranteed by the government.

    • Avatarfinder Customer Care
      JeniJuly 9, 2019Staff

      Hi Kevin,

      Thank you for getting in touch with Finder.

      Term deposits are covered as long as you deposit in one of Authorised Deposit-taking Institutions (ADIs) in Australia, however please note that the Australian Government guarantees deposits up to $250,000 per depositor’s name and bank/institution.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    NoelineJune 15, 2019

    Is the Australian Unity Bank covered by Goverment Guarantee on Term Deposits

    • Avatarfinder Customer Care
      NikkiJune 15, 2019Staff

      Hi Noeline,

      Thanks for your inquiry.

      Yes, Australian Unity is covered by the Australian Government guarantee on deposits covering up to $250,000 per person.

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

      Best,
      Nikki

  3. Default Gravatar
    JosephineJune 12, 2019

    Is CUA bank government guaranteed for term deposits? Thank you.

    • Avatarfinder Customer Care
      JhezJune 13, 2019Staff

      Hi Josephine,

      Thank you for your comment.

      Yes. Deposits up to $250, 000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.

      Regards,
      Jhezelyn

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

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