Skip to main content
Skip to main content

Financial Claims Scheme

Your savings at Australian Unity Bank Limited are protected by the Financial Claims Scheme (FCS) guarantee by the Australian Government, up to an aggregate balance of $250,000.

What is the Financial Claims Scheme?

The FCS is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fail.

The FCS provides protection for depositors of banks, building societies, credit unions that are incorporated in Australia, for deposits up to $250,000 per account per financial institution. Most types of deposit accounts, (but not all), are covered by the FCS.

The scheme can only come into effect if it is activated by the Australian Government in the unlikely event that a financial institution fails. Once activated, the FCS will be administered by APRA.

The objectives of the Financial Claims Scheme are to:

  • Protect depositors of banks incorporated in Australia from potential loss due to the failure of these institutions;
  • Provide depositors with prompt access to their deposits that are protected under the FCS; and
  • Support the stability of the Australian financial system.

In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

How is the FCS limit applied?

The scheme limit of $250,000 applies to the sum of an account holder's deposits under the one banking licence.

This means that if a customer holds more than one account at a single financial institution, the deposits are added together towards the $250,000 FCS limit.

Where can I get more information?

More information about the scheme can be obtained from the APRA website or from

Chat with us

Whether it’s understanding terminology, you’re looking to apply or you have a question about your account we can help you with all your banking questions.

Speak with us today

Monday to Friday - 8.30am to 5.30pm AEST

Call 1300 790 740

Have us call you within 1 business day

Request a call back