Government Deposit Guarantee

Deposits with Heritage and People's Choice Limited made by eligible account holders into eligible accounts are guaranteed by the Federal Government’s Financial Claims Scheme with a Government Deposit Guarantee of up to $250,000. 

What are eligible accounts?

What are eligible deposit accounts?

The Financial Claims Scheme applies to the following deposit accounts:

Ineligible Accounts

The Financial Claims Scheme does not apply to the following accounts:

  • Credit balances on credit card facilities or other loans (payments in advance)
  • Accounts with funds that are not in Australian dollars
  • Accounts kept at foreign branches (located overseas) of Australian banks, building societies and credit unions
  • Pre-paid card facilities or similar products
  • ‘nostro’ accounts and ‘vostro’ accounts of foreign corporations that carry on banking business or otherwise provide financial services in a foreign country

Who is an eligible account holder?

Under the Financial Claims Scheme, an account holder is defined as an individual, body corporate, body politic, partnership, any other unincorporated association or body of persons, trust, superannuation fund (including a self-managed superannuation fund) and/or an approved deposit fund.

When can it be claimed?

When can the Government Deposit Guarantee be claimed?

Heritage and People's Choice Limited meet exceptionally high prudential standards under the Banking Act, with strict oversight by the Australian Prudential Regulation Authority (APRA). Under the Banking Act, depositors are given priority over all other creditors in the event of the failure of an authorised deposit taking institution. This depositor priority continues irrespective of the Government guarantee provided by the Financial Claims Scheme. 

The Financial Claims Scheme can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the Financial Claims Scheme will be administered by APRA. In a Financial Claims Scheme scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

So while the Financial Claims Scheme is unlikely to be required, it strengthens public confidence in the safety, stability and security of the Australian banking system.

Are my savings guaranteed?

Are my savings guaranteed?

If you're an eligible account holder and your savings are held with Heritage and People's Choice Limited (whether under the trading name "Heritage Bank", the trading name "People's Choice Credit Union") the combined savings amount is guaranteed up to a limit of $250,000 as part of the Financial Claims Scheme.  The Scheme ensures that depositors are guaranteed repayment of their savings in the extremely unlikely event that any banking institution fails.

Under the Scheme, eligible deposits are protected up to a limit of $250,000 for each account holder per authorised deposit taking institution.  Heritage and People's Choice Limited is a single authorised deposit taking institution. This means that all deposits you hold in one or more Heritage Bank accounts and one or more People's Choice Credit Union accounts must be added together towards the $250,000 limit.

If you have less than $250,000 in combined deposits across both brands, this will not have any impact on your position in respect of the Financial Claims Scheme.  From 1 March 2023, any deposit amount you hold with Heritage and People's Choice Limited that is greater than $250,000, whether under the Heritage Bank brand or People’s Choice brand, will not be guaranteed by the Federal Government’s Financial Claims Scheme. 

Use this deposit checker to check that your deposits are covered. If you have deposits at other financial institutions, check the financial institution is listed as an authorised deposit taking institution (ADI). 

Learn more

More information on the Scheme is available on the Financial Claims Scheme website –

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