In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000. If you place more than $250,000 with one ADI, then only up to $250,000 is guaranteed. Through FCS, the Australian Government guarantees deposits up to $250,000 and the cap applies per ADI.įor example, if you place $250,000 with one ADI and $250,000 with another, then both of the deposits are guaranteed. Through the Financial Claims Scheme (FCS), the Australian Government guarantees deposits up to $250,000 and the cap applies per ADI. It only covers financial institutions that are incorporated in Australia and who are Authorised Deposit-taking Institutions (ADI's). The Australian Government's Financial Claims Scheme (FCS) protects people's deposits in the unlikely event that a bank, building society and credit union fails.
