Government Deposit Guarantee

Deposits with Heritage Bank in eligible accounts are guaranteed by the Federal Government’s Financial Claims Scheme with a Government Deposit Guarantee of up to $250,000. 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. The guarantee value is the same for all institutions under the Scheme. 
Are my savings guaranteed?

If 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. Use this deposit checker to see what deposits are covered. 

The limit of $250,000 applies to the sum of your deposits under the one banking license. Therefore, all deposits held by an account holder with a single bank, building society or credit union must be added together towards the $250,000 limit. This includes any other banking businesses the banking institution operates. 

If you have deposits at other financial institutions, check the financial institution is listed as an authorised deposit taking institution (ADI). 

What are eligible accounts?

The Financial Claims Scheme applies to the following deposit 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

Under the Financial Claims Scheme, an account holder is defined as:

  • an individual
  • a body corporate
  • a body politic
  • a partnership
  • any other unincorporated association or body of persons
  • a trust
  • a superannuation fund (including a self-managed superannuation fund)
  • an approved deposit fund
When can it be claimed?

Heritage Bank has been operating for 145 years and has a proven history of sound financial management and strength. We have more than $10 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.

Learn more

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

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