Government Deposit Guarantee

Deposits with Heritage Bank 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 Bank has been operating since 1875 and has a proven history of sound financial management and strength. We have more than $11 billion in assets and our capital levels are well above what we are required to hold.

We also 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 at Heritage Bank in an eligible deposit account, they are 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. This means that all deposits you hold with a single bank, building society or credit union (and any of their banking businesses) must be added together towards the $250,000 limit. 

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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