scubacam Posted March 16, 2020 Share Posted March 16, 2020 Hi all, over in the UK there is the Financial Services Compensation Scheme (FSCS), up to £85,000 per person, per institution is now protected if a bank, building society or credit union goes bust. In other words, if the bank collapses, savers will get any money in these accounts up to £85,000 paid back in compensation. Is there an equivalent in Australia ? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 16, 2020 Share Posted March 16, 2020 Yes, all Australian banks are covered by a bank guarantee of up to $250,000. 1 Quote Link to comment Share on other sites More sharing options...
scubacam Posted March 16, 2020 Author Share Posted March 16, 2020 Yes, all Australian banks are covered by a bank guarantee of up to $250,000.What’s the scheme called Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 16, 2020 Share Posted March 16, 2020 7 minutes ago, scubacam said: What’s the scheme called I had to look it up because it's never referred to by its official name, we just refer to the government guarantee. Apparently it's called the FCS (Financial Claims Scheme). Quote Link to comment Share on other sites More sharing options...
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