The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs). The cap applies per entity, per ADI.
All the banks, building societies and credit unions listed with AMM are covered by the Australian Government Guarantee Scheme on deposits up to $250,000 per person per institution.
So if you place $250,000 with one ADI and $250,000 with another, then both of the deposits are guaranteed. If you place more than $250,000 with one ADI, then only up to $250,000 is guaranteed. In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000.
Please note the following banks combine to form one Authorised Deposit-taking Institution (ADI)
- St George and Westpac
- BOQ and BOQ Specialist