The Finance Algorithm

Which banks share a $250,000 guarantee

The government guarantees deposits up to $250,000 per person at each banking licence, not at each brand. Where brands share a licence they share the cap: money spread across them is protected to $250,000 in total.

From the Financial Claims Scheme list APRA last updated on 9 Oct 2026.

Licences with more than one name

23of 72 covered licences

More than one name, one capOne name
  • Adelaide Bank, AFG Home Loans Alpha, Aussie Elevate, Bendigo Bank, Connective Select, NRMA Home Loans, Qantas Money Basic/Offset Home Loans, Rural Bank, Tiimely Home and UpOne cap, under Bendigo and Adelaide Bank
  • Australian Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBankOne cap, under Teachers Mutual Bank
  • Bank of Melbourne, BankSA, St.George Bank and WestpacOne cap, under Westpac Banking Corporation
  • BOQ Specialist, ME Bank and Virgin MoneyOne cap, under Bank of Queensland

23 licences, more than one name on the door

Each box is one banking licence. Every name inside it shares a single $250,000 cap, so a balance at one counts towards the same limit as a balance at the others. Largest groups first.

72 banks, building societies and credit unions

Every covered licence, with the names it trades under.

Lenders and payment providers aren't covered

The 135 non-bank lenders we read publish loans only: they take no deposits, so the scheme has nothing to cover. Liberty Financial, PayPal Australia and Wise publish products under the Consumer Data Right but are not on APRA's list of covered institutions.

Questions people ask

How much does the government guarantee cover?
The Financial Claims Scheme covers deposits up to $250,000 per account holder at each authorised deposit-taking institution: savings, transaction and term deposit accounts at banks, building societies and credit unions. If an institution fails, the government pays out covered balances, usually within days, without a claim being needed.
Is the cap per bank brand or per bank?
Per banking licence. Brands that trade under one licence share a single $250,000 cap, so money split across them counts together. 23 of the 72 covered licences trade under more than one name.
Do Adelaide Bank, AFG Home Loans Alpha, Aussie Elevate, Bendigo Bank, Connective Select, NRMA Home Loans, Qantas Money Basic/Offset Home Loans, Rural Bank, Tiimely Home and Up share one guarantee?
Yes. All of them trade under Bendigo and Adelaide Bank's banking licence, so deposits across them are covered to $250,000 in total per account holder, not $250,000 at each.
Do Australian Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank share one guarantee?
Yes. All of them trade under Teachers Mutual Bank's banking licence, so deposits across them are covered to $250,000 in total per account holder, not $250,000 at each.
Do Bank of Melbourne, BankSA, St.George Bank and Westpac share one guarantee?
Yes. All of them trade under Westpac Banking Corporation's banking licence, so deposits across them are covered to $250,000 in total per account holder, not $250,000 at each.
Do BOQ Specialist, ME Bank and Virgin Money share one guarantee?
Yes. All of them trade under Bank of Queensland's banking licence, so deposits across them are covered to $250,000 in total per account holder, not $250,000 at each.
Do Community First Bank, Easy Street and Illawarra Credit Union share one guarantee?
Yes. All of them trade under Community First Credit Union's banking licence, so deposits across them are covered to $250,000 in total per account holder, not $250,000 at each.
Do Great Southern Bank, Great Southern Bank Business+ and Solo by MYOB share one guarantee?
Yes. All of them trade under Credit Union Australia's banking licence, so deposits across them are covered to $250,000 in total per account holder, not $250,000 at each.
Are non-bank lenders covered?
No. Non-bank lenders such as the 135 on our list lend money but don't take deposits, so there is nothing for the scheme to protect. Only institutions APRA authorises to take deposits are covered.
Where does this list come from?
From the Australian Prudential Regulation Authority's list of institutions covered by the Financial Claims Scheme, last updated by APRA on 9 Oct 2026. We check it weekly and match each institution to the brands that publish products under the Consumer Data Right.

Source: Australian Prudential Regulation Authority (APRA), list of institutions covered by the Financial Claims Scheme, last updated 9 Oct 2026, licensed CC BY 4.0. Matched to Consumer Data Right brands by The Finance Algorithm. General information, not advice: confirm cover with your bank or APRA.