Government Guarantee of Australian Savings Accounts

In Australia, similar to deposits, savings accounts are a savings offering products by banks and credit unions and eligible authorised deposit taking institutions (ADIs) have their savings accounts covered by the Financial Claims Scheme (FCS) which is administered by APRA that provides a guarantee of deposits and savings accounts up to a limit per customer per bank. Please note that The Scheme does NOT apply to branches of foreign banks in Australia and foreign branches of Australian ADIs. Please visit apra.gov.au to find out more information.