The Australian Government's Financial Claims Scheme (FCS) provides a guarantee for a wide range of deposits of eligible Authorised Deposit-taking Institutions including Australian banks, building societies and credit unions.
As a result of NAB becoming the holder of your deposits, there are some changes to how your money is protected under the Australian Government's Financial Claims Scheme, which guarantees up to $250,000 per customer, per banking licence for certain types of deposit accounts.
Applicable balances currently held with Citi were guaranteed up to $250,000 per customer. The sum of all account balances you also have with the NAB Group (NAB / ubank) were subject to a separate guarantee of up to $250,000 per customer under a banking license belonging to NAB.
As Citi accounts have now moved under NAB's licence, a single guarantee of up to $250,000 will apply to your total applicable deposits with the NAB Group – whether the account is branded Citi, NAB, 86 400 or UBank. This means if you hold, or plan to hold, Citi branded, NAB, 86 400 and/or UBank accounts, the balances above $250,000 will not be protected under the scheme.
Information about the FCS can be obtained at fcs.gov.au. Please note that the FCS does not cover currency accounts in a foreign currency.
