Everyday accounts · Basics · 1 of 6 · About 3 minutes
What an everyday account is for
Where your pay lands and your spending comes from, and how the money in it is protected.
- 1An everyday account is where your pay lands and your spending comes from.
- 2Money at a bank is covered by the government up to $250,000.
- One question
An everyday account is where your pay lands and your spending comes from.
Your pay goes in. Your debit card, your bills and the money you send to people come out of it.
- A debit card spends your own money in the account. A credit card spends money the bank lends you.
- PayID lets people pay you with your phone number or email instead of your account details. 67 of the 86 accounts BankMate lists say they take it.
- Most pay little or no interest: 32 of the 53 that publish a rate pay none, and 16 pay under 0.1% a year. A savings account is the kind built to pay interest.
Drag the pay and the spending.
Money at a bank is covered by the government up to $250,000.
If a bank fails, the government’s Financial Claims Scheme pays back each person up to $250,000 at that bank.
- It covers banks, building societies and credit unions licensed in Australia.
- Brands that belong to one bank share one $250,000.
- 2 of the 73 providers BankMate lists aren’t banks: Crypto.com and Wise. Money held with them isn’t covered, and BankMate marks them “Not a bank”.
Drag the balance, and switch where it’s held.
- You hold
- $300,000
- Where
- All at one bank
How much does the government’s guarantee cover?
- $250,000
- $300,000
- None of it
The answer is $250,000.
The guarantee covers up to $250,000 for each person at each bank. The other $50,000 isn’t covered.