Title: Which banks and credit unions are covered by the government’s deposit guarantee? - InfoChoice
Headings: Which banks and credit unions are covered by the government’s deposit guarantee?
Which banks and credit unions are covered by the government’s deposit guarantee?
What is the government’s deposit guarantee?
How much is the government deposit guarantee?
What is the big catch with the FCS?
How the government deposit guarantee scheme works

Content: One big catch with the FCS is that it is limited to $250,000 per institution. So if you have more than $250,000 to deposit, you need to split the money and put it in more than one institution to be covered. BUT – did you know that many of Australia’s banks and lenders are merely brand names of other Australian banks? And the government doesn’t care about branding, just who is really behind the bank. The Australian Prudential Regulatory Authority warns: “When determining whether the total value of all your accounts with an ADI is below the $250,000.00 limit, it’s important to include any accounts that you hold which have been marketed by the ADI under a different name.” For example, RAMS, St George Bank, Bank of Melbourne and BankSA are all owned by Westpac, so all of these brands are just one ADI – the Westpac Group. How the government deposit guarantee scheme works
Case study: Mavis has $300,000 in term deposits and savings accounts. She wants all her money to be covered by the scheme so she withdraws more than $50,000 and deposits that in another bank.