In Australia, eligible deposits with a licensed deposit-taker are covered by Financial Claims Scheme up to the published limit, under APRA and ASIC. The limit is per person, per institution. Spreading money across brands that are the same legal entity does not multiply the cover.
What is not covered
- A loan or card balance you owe — that is a debt, not a deposit.
- Money held with a payment institution that only safeguards funds, if it is not a deposit-taker.
- Investment returns inside a wrapper; the wrapper’s cash sleeve may be a deposit, the securities are not.
Compare savings and term deposits on rate and the entity. Banks and banks versus consumer credit split those roles. Sketch a balance in the savings calculator.
Written for readers in Australia. Bankmatch is paid by providers and never by readers; that does not change what we write.