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Australian Government Deposit Guarantee

Australian Government Deposit Guarantee

Australian Government Deposit Guarantee

Australian Government Deposit Guarantee


WAW Credit Union is an Authorised Deposit-taking Institution (ADI) and regulated by the Australian Prudential Regulation Authority (APRA) in the same way as all Australian-owned banks are. As an ADI we are part of the Australian Government Deposit Guarantee. The guarantee secures deposits of up to $250,000 and applies to all banks, credit unions and building societies. For more information see www.fcs.gov.au/ 

The $250,000 cap applies per person and per ADI. So if you have $250,000 with one ADI and $250,000 with another, then both of your deposits are guaranteed. If you have more than $250,000 with one ADI then only up to $250,000 is guaranteed. In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000 after each account-holder share of the joint account is added to other deposits held in their name.

The types of accounts covered by the guarantee are: savings accounts; call accounts; term deposits; current accounts; cheque accounts; debit card accounts; transaction accounts; personal basic accounts; cash management accounts; farm management deposits; pensioner deeming accounts; mortgage offset accounts, either 100 per cent or partial offset that are separate deposit accounts; trustee accounts; & retirement savings accounts.