The short answer
If a bank, building society or credit union in Australia fails, the government pays its depositors back up to $250,000 each. There's no fee and nothing to apply for. This is the Financial Claims Scheme, run by APRA, the banking regulator.
The $250,000 is per person, per banking licence. Every account you hold under one licence counts toward the same $250,000, and some brands share their parent bank's licence.
What it covers
The scheme covers deposits with an authorised deposit-taking institution (ADI): a bank, building society or credit union licensed by APRA. That includes:
- Savings accounts and everyday accounts
- Term deposits
- The interest owed on them, within the same $250,000
It doesn't cover shares, ETFs, super, insurance or crypto, or money held with a provider that isn't an ADI. Wise and Crypto.com, which BankMate lists among everyday accounts, aren't banks, so the scheme doesn't cover money held with them. Every listing on BankMate marks them "Not a bank".
How the $250,000 counts
Everything you hold under one licence is added up, across every account and product:
| Where the money is | Covered |
|---|---|
| $200,000 in savings at one bank | $200,000 |
| $300,000 at one bank | $250,000 |
| $150,000 in savings and $150,000 in a term deposit at one bank | $250,000 |
| $250,000 at each of two banks with their own licences | $500,000 |
| $250,000 each at Westpac and St.George, which share a licence | $250,000 |
Brands that share one licence
A brand without its own licence shares its parent bank's, and so shares one $250,000:
- Brands under it
- St.George, Bank of Melbourne, BankSA and Westpac
- Covered in all
- $250,000
- Brands under it
- Bankwest and CommBank
- Covered in all
- $250,000
- Brands under it
- ubank and NAB
- Covered in all
- $250,000
- Brands under it
- ANZ Plus and ANZ
- Covered in all
- $250,000
- Brands under it
- ME and BOQ
- Covered in all
- $250,000
| Licence | Brands under it | Covered in all | Page |
|---|---|---|---|
Westpac | St.George, Bank of Melbourne, BankSA and Westpac | $250,000 | View licence |
CommBank | Bankwest and CommBank | $250,000 | View licence |
NAB | ubank and NAB | $250,000 | View licence |
ANZ | ANZ Plus and ANZ | $250,000 | View licence |
BOQ | ME and BOQ | $250,000 | View licence |
Each brand's page on BankMate's providers list names the group it belongs to. APRA's Register of ADIs lists every licence and the brands it covers.
If a bank fails
- Nothing to apply for. APRA works from the bank's own records to find who is owed what.
- Paid by transfer. APRA aims to pay most depositors within seven days.
- Above $250,000, the rest becomes a claim in the bank's wind-up. How much of it comes back depends on what the bank has left, and it can be part or none.
Learn it a page at a time
The Learn module Is my money safe at a bank? works through the guarantee on an example balance, with Westpac's brands and Bankwest beside CommBank.
From APRA's pages on the Financial Claims Scheme and its Register of ADIs. Checked 28 October 2026.
Factual comparison, not financial advice. BankMate doesn’t consider your objectives, financial situation or needs, and isn’t licensed to give advice. Read the provider’s PDS, target market determination or key facts sheet before deciding.