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Banks included in the Australian Government Guarantee Scheme

Is my money safe in an Australian bank? Here's how the $250,000 deposit guarantee scheme works.

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Concerned about the safety of your money at the moment? The Australian Government guarantees deposits up to $250,000 in Authorised Deposit-Taking Institutions (ADIs) such as banks (including online and digital banks), building societies or credit unions. This means that if something happens to the bank or the bank goes bankrupt, this money is guaranteed by the government and financial regulator APRA to be paid back to you.

There are a few things you need to know about this scheme, which we'll go through in this guide. You can also compare a range of savings accounts, bank accounts and term deposits offered by banks that are included in the scheme, which you can open online in minutes to ensure your money is in a safe place.

Savings account offer

Westpac Life (18-29 year olds only)

3 % p.a.

max rate

0.75 % p.a.

standard variable rate

Savings account offer

Under 30? You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.

  • Maximum Rate: 3% p.a.
  • Standard Variable Rate: 0.75% p.a.
  • Monthly deposit required: $1
  • Monthly fees: $0
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Promoted

Compare bank accounts protected by the Australian Government Guarantee Scheme

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
3%
0.4%
2.6%
$0
Under 30? You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.
Westpac Life (18-29 year olds only)
0.75%
0.4%
0.35%
$0
Available on balance Above $30,000.
MyState Bank Bonus Saver Account
1.5%
0.15%
1.35%
$0
Ongoing, variable 1.5% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
MyState Bank Bonus Saver Account
0.15%
0.15%
0%
$0
Available on balance Above $250,000.
Citibank Online Saver
1.35%
0.35%
1%
$0
Introductory rate of 1.35% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Citibank Online Saver
0.35%
0.35%
0%
$0
Available on balance Above $500,000.
Bankwest Hero Saver
1.15%
0.01%
1.14%
$0
Ongoing, variable 1.15% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bankwest Hero Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
Westpac Life
0.75%
0.4%
0.35%
$0
Ongoing, variable 0.75% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
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Data indicated here is updated regularly
$
Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee
HSBC Everyday Global Account
Visa
$0
$0
Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google 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.
Suncorp Everyday Options Account
Visa
$0
$0
Link up to 9 interest-earning sub accounts.
$0 monthly account keeping fees.
Earn interest on your linked sub accounts to help you save for individual goals, with no account fees to pay. Make contactless payments using Google Pay and Apple Pay.
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.
P&N Bank & Transaction Account
Visa
$0
$0
Pay no monthly account keeping fee with no ongoing deposit conditions to meet. Link your Visa Debit card to Apple Pay, Google Pay or Samsung Pay to make contactless payments with your phone, and use PayID to send and receive money instantly.
CUA Everyday Snap Account
Visa
$0
$0
Refund of international ATM withdrawal fees and international card transaction fees (conditions apply). Refund of overdrawn fees.
$0 monthly account fee. Unlimited fee-free everyday transactions.
Apple Pay, Google Pay and Samsung Pay available. Savings Top Up tool automatically transfers to linked savings account.
Citi Global Currency Account
Mastercard
$0
$0
Earn up to 0.75% p.a. interest on your AUD balance.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free.
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Data indicated here is updated regularly
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Judo Bank Term Deposit
Finder Award
Judo Bank Term Deposit
1.19%
-
-
1.20%
-
1.23%
1.45%
Earn a 0.10% p.a. loyalty bonus when you roll over your term.
The Judo Bank Term Deposit term lengths range from three months to five years. Minimum opening deposit is $1,000. No account-keeping or set-up fees to pay.
Citibank Term Deposit $10,000
0.45%
-
-
0.45%
-
0.45%
-
Suited to customers with deposits between $10,000 and $249,999.
This term deposit is for new Citibank customers only
Citibank Term Deposit 250K
0.75%
-
-
0.75%
-
-
-
A short-term investment option with a guaranteed rate of return.
Suited to customers with deposits over $250,000.
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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 $250,000 or less 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 (this doesn't mean you'll automatically lose your deposit over this amount, though).

What types of accounts does the guarantee cover?

The government guarantee covers a multitude of accounts, including:

Promoted
Under 30? You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.

What types of accounts aren't included in the guarantee?

Is it possible your bank will go bankrupt?

It's very unlikely that an Australian bank will go bankrupt. Banks in Australia are highly regulated, and need to go through very strict application processes with the industry regulators to ensure they've got enough capital to manage a potential fall in the economy.

If a large majority of a banks mortgage, credit card and personal loan customers were suddenly unable to meet their interest repayments, the bank would use the capital from deposits to get them by for a while as a safety net. However, if all the deposit customers also suddenly want to withdraw their money, this is when the bank would find itself in trouble. This is one reason why the government promises to guarantee deposits up to $250,000 per customer: so deposit holders don't feel the need to run to the bank and withdraw their money all at once.

Remember, this is very unlikely to happen and is a 'worse-case' scenario. But it's good to know that if it were to happen, your deposit would be safe.

What if I have multiple accounts with different banks?

The scheme is applied per person per ADI. If you have several accounts with different ADIs, for example if you had one account with Westpac and another with CommBank each with $250,000, both would be covered in the scheme. But if you had two separate accounts with Westpac each with $250,000, you'd only be covered for the first $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. For example Bank SA, St.George and Bank or Melbourne are all part of Westpac and covered under the one ADI. 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.

Another example is UBank. 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.

What happens with joint accounts?

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.

Does the Australian Government Guarantee Scheme include non-residents?

Yes, its does. The residency status of the account holder is irrelevant. If you're eligible and able to open an account and deposit money with a licensed ADI in Australia, then your deposit up to $250,000 is protected by the scheme.

Is my SMSF bank deposit covered under the government guarantee?

Yes, money held in an Australian ADI by an SMSF or trust is included in the scheme. The SMSF is considered to be one account holder, regardless of how many individual members or trustees are listed on the account. This means that if your SMSF has four members and there's a total of $500,000 in the bank account, it's treated as one account holder and only $250,000 is protected under the scheme.

Because an SMSF is considered to be its own account holder, if you have a personal account in your name and also an SMSF cash account with the same ADI, both would be protected (up to $250,000 each).

Are mortgages included in the government guarantee?

Your mortgage is a loan from the bank, so it's not covered in the government guarantee. If in the unlikely event that your bank did fail, deposit holders would be covered by the government and mortgages will likely be transferred to a partner bank or lender.

Are digital neobanks covered by the Australian Government Guarantee Scheme?

You might have heard about the new digital mobile banks like Xinja, Volt Bank, Up Bank and 86 400, and are wondering if they're safe. Rest assured, these banks need to go through a strict regulatory approval process to be granted an ADI licence. If they're granted a full ADI licence (which Xinja, Volt and 86 400 have been), then yes they are included in the Government Guarantee Scheme and your deposit up to $250,000 is protected.

Some of these banks, for example Up Bank, haven't got their own ADI licence but instead are using the ADI licence of an existing bank. Up Bank is using the licence from Adelaide and Bendigo Bank, therefore your deposit up to $250,000 with Up Bank is protected under the scheme as well.

Australian-owned banks:

Foreign subsidiary banks

An exhaustive list of ADIs

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36 Responses

  1. Default Gravatar
    MichaelMarch 31, 2020

    Are the government guarantees of term deposits applicable to
    deposits in the name of corporations

    • Default Gravatar
      NikkiApril 3, 2020

      Hi Michael,

      Thanks for reaching out to Finder and I hope you are well.

      Yes, term deposits of corporations are included by the Government Guarantee for as long as it is not exceeding $250,000.

      I hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

  2. Default Gravatar
    WayneSeptember 6, 2019

    Hi Team,

    Is the Cairns Penny Bank a registered ADI bank?

    • Avatarfinder Customer Care
      JeniSeptember 7, 2019Staff

      Hi Wayne,

      Thank you for getting in touch with Finder.

      Cairns Penny Bank is an ADI. This means that this money is guaranteed up to $250,000 if anything happens to the Cairns Penny.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  3. Default Gravatar
    MikeAugust 28, 2019

    Is the “depositor” covered by the government guarantee for say a term deposit, the superannuation fund or the beneficiaries in the fund. That is, if there are 2 beneficiaries in a super fund are they each covered to $250k or is it only $125 each?

    • Avatarfinder Customer Care
      JhezAugust 28, 2019Staff

      Hi Mike,

      Thank you for your comment.

      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. This means that this money is guaranteed if anything happens to the ADI (bank). The cap applies per person and per ADI.

      So, if you have up to $250,000 deposit to your bank, and it’s part of the ADI and something happens to your bank, you will be guaranteed $250,000. If you’re no longer available to claim it, or you’re already gone, your declared beneficiaries can claim it. It’s up to your beneficiaries how they will divide it. What’s true is that the guarantee is per per person, per account. Hope this helps.

      Regards,
      Jhezelyn

  4. 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

  5. Default Gravatar
    NoelineJune 15, 2019

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

    • Default Gravatar
      NikkiJune 15, 2019

      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

  6. 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

  7. 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

    • Default Gravatar
      NikkiApril 4, 2019

      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

  8. 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

  9. 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!

    • Default Gravatar
      NikkiNovember 14, 2018

      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

  10. 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

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