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Are your deposits protected?

Each account holder will need to add together the following to work out their total deposits protected under the FCS for each banking institution:

1. deposits held in all accounts in their name with the same bank, building society or credit union. Include an equal share of deposits in any joint accounts,

together with

2. deposits held in accounts in their name with any other banking business that their bank, building society or credit union operates under a different trading name. Again, include an equal share of deposits in any joint accounts.

Joint accounts

You are entitled to an equal share of any deposits held in a joint account for which you are named as an account holder. For example, where $60,000 is held in a joint account with two account holders, each account holder is entitled to $30,000 under the FCS. For further information on joint accounts, visit the Banking FAQs. 

Banking businesses with different trading names operating under the same banking licence

Under the FCS, the deposit protection of $250,000 applies to all deposits under each banking licence. Therefore, if you have deposit accounts with a licensed bank, building society or credit union as well as deposits with another banking business that an institution operates under a different trading name, you'll need to add all these deposits together to calculate a total that is covered under the FCS under that particular banking licence. For further information visit the Banking FAQs or see the List of banks, building societies and credit unions covered under the FCS.