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.

Term Deposit Offer

Judo Bank Term Deposit

2.00 % p.a.

fixed for 6 months

Term Deposit Offer

Earn a 0.10% p.a. loyalty bonus when you roll over your term.
The Judo Bank Term Deposit term lengths range from six months to five years. Minimum opening deposit is $1,000. No account-keeping or set-up fees to pay.

  • Minimum investment: $1,000.00
  • Monthly fees: $0.00
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Compare bank accounts protected by the Australian Government Guarantee Scheme

Rates last updated December 16th, 2019
$
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. Product Description Interest Earned
Judo Bank Term Deposit
-
-
-
2.00%
-
2.00%
2.20%
Earn a 0.10% p.a. loyalty bonus when you roll over your term.
The Judo Bank Term Deposit term lengths range from six months to five years. Minimum opening deposit is $1,000. No account-keeping or set-up fees to pay.
Citibank Term Deposit 250K
2.00%
-
-
1.80%
-
-
-
A short-term investment option with a guaranteed rate of return.
Suited to customers with deposits over $250,000.
MyState Bank Online Term Deposit
1.90%
-
-
1.70%
-
-
-
Single or joint account-holders can apply online with MyState's online application process.
The MyState Bank Online Term Deposit has a choice of term lengths. Interest is paid upon maturity of the term deposit.
Commonwealth Bank Term Deposit
1.15%
1.15%
1.20%
1.25%
1.00%
1.30%
1.15%
Choose between a range of term lengths from just one month to five years, and receive a fixed interest rate on your funds. Invest from $5000 to $1,999,999.
Westpac Term Deposit
1.30%
1.20%
1.15%
1.15%
1.10%
1.20%
1.20%
Enjoy flexible repayment and reinvestment options at the end of the term with no setup or service fee.
ANZ Term Deposit
0.85%
0.85%
0.85%
0.85%
0.85%
0.90%
1.15%
Pay no account-keeping or application fees.
Invest your funds for up to 5 years and receive a competitive rate of interest.
NAB Term Deposit
1.25%
1.25%
1.30%
1.10%
1.10%
1.20%
1.15%
Invest your money in a NAB Term Deposit and earn a fixed interest rate for the life of the term, with no setup or account fees. This term deposit is for personal customers with deposits from $5,000.
ANZ Advance Notice Term Deposit (31 days notice required for early withdrawals)
1.45%
1.38%
1.30%
1.35%
1.60%
1.40%
1.30%

Compare up to 4 providers

Rates last updated December 16th, 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
2019 Winner
UBank USaver
2.10%
1.04%
1.06%
$0
$0 / $0
Ongoing, variable 2.10% 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
2.36%
1.40%
0.96%
$0
$0 / $0
Introductory rate of 2.36% p.a. for 4 months, reverting to a rate of 1.40% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
Rabobank Online Savings High Interest Savings Account
2.50%
1.05%
1.45%
$0
$0 / $0
Maximum variable rate of 2.50% p.a. for 4 months, reverting to a rate of 1.05% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
MyState Bank Bonus Saver Account
2.00%
0.30%
1.70%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Suncorp Growth Saver Account
1.95%
0.20%
1.75%
$0
$0 / $0
Ongoing, variable 1.95% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.
Bankwest Hero Saver
1.85%
0.01%
1.84%
$0
$0 / $0
Ongoing, variable 1.85% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
IMB Reward Saver Account
2.00%
0.90%
1.10%
$0
$0 / $1
Introductory rate of 2.00% p.a. for the first 4 months when you deposit $50+ each month and make no withdrawals per month. Available on balance of $5,000 or higher.

Compare up to 4 providers

Rates last updated December 16th, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Suncorp Everyday Options Account
Visa
$0
$0
Monthly account keeping fee waived for life. $0 account keeping fee offer applies to all new accounts opened from 3 December 2018. Save for your individual goals by linking to up to 9 interest-earning sub accounts. Make contactless payments using Google Pay and Apple Pay
Westpac Choice
Mastercard
$0
$2,000
Special offer: $40 cash bonus for new customers under 30 (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Access more than 50,000 ATMs globally for free via the Global ATM Alliance.
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.
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.
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
Special offer: $50 cash bonus for new customers (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.
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.
St.George Complete Freedom Account
Visa
$0
$2,000
Special offer: $40 cash bonus for new customers (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month. No account fees for students and customers under 21.
BankSA Complete Freedom Account
Visa
$0
$2,000
Special offer: $40 cash bonus for new customers (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.
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.
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 1.50% p.a. interest on your AUD balance.
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.

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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34 Responses

  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

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