Back to top

Types of accounts covered under the Financial Claims Scheme

The Financial Claims Scheme (FCS) applies to a wide range of deposit accounts held with banks, building societies and credit unions that are incorporated in Australia, but only applies to deposit accounts with funds in Australian dollars.

The FCS applies to the following accounts:

  • savings accounts

  • call accounts

  • term deposits

  • current accounts

  • cheque accounts

  • debit card accounts

  • transactions accounts

  • personal basic accounts

  • cash management accounts

  • farm management deposit accounts

  • pensioner deeming accounts

  • mortgage offset accounts (either 100 per cent or partial offset) that are separate deposit accounts

  • trustee accounts

  • retirement savings accounts

Banking accounts not covered under the Financial Claims Scheme

The FCS does not apply to the following accounts:

  • accounts with funds that are not in Australian dollars

  • accounts kept at foreign branches (located overseas) of Australian banks, building societies and credit unions

  • credit balances on credit card facilities or other loans

  • 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

Account holders are strongly advised to contact their bank, building society or credit union for information on whether their particular accounts are covered under the FCS.