Government Deposit Guarantee

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). 

The Financial Claims Scheme applies to the following deposit accounts:

• Savings, call and current accounts
• Debit card and cheque accounts
• Transaction, personal basic and cash management accounts
• Term deposits and farm management deposit accounts
• Retirement savings and pensioner deeming accounts
• Mortgage offset accounts (either 100 per cent or partial offset) that are separate deposit accounts
• Trustee accounts

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.

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. 

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.

More information on the Scheme is available on the Financial Claims Scheme website – www.fcs.gov.au