Government Guaranteed

Deposits with Bank of us are covered by the Australian Government’s Financial Claims Scheme. Giving you peace of mind that your deposits are covered up to $250,000 per account holder.

Like to know more?

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As an authorised deposit taking institution (ADI), deposits with Bank of us are covered by the Australian Government’s Financial Claims Scheme.

The Financial Claims Scheme was established in October 2008 when the Government moved to guarantee unconditionally up to $1 million of a depositor's total deposits with any individual Authorised Deposit Taking Institution (ADI) at no cost to the depositor.

In September 2011 the Australian Government committed to extending the scheme on a permanent basis with revised arrangements.

These arrangements are:

A permanent guarantee of $250,000 for deposits effective from 1 February 2012.
The $250,000 cap applies per account holder, per ADI.

The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA). The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA). In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

What is the Financial Claims Scheme?

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license. Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name.

How is the FCS limit applied?

Where can I get further information on the FCS?

Information on the FCS is available on the FCS website

FCS Website

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Bank of us acknowledges and pays respect to the palawa - Tasmanian Aboriginal people - as the traditional owners of all the lands and waters. And we pay our respects to Elders past, present and emerging for they hold the knowledge, memories and culture of Aboriginal people in lutruwita/ Tasmania.