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Financial Claims Scheme

  What is the Financial Claims Scheme?

The Financial Claims Scheme is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails.

Under the Financial Claims Scheme, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).

The Financial Claims Scheme can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the Financial Claims Scheme will be administered by the Australian Prudential Regulation Authority (APRA).

In an Financial Claims Scheme scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

  How is the Financial Claims Scheme limit applied?

The Financial Claims Scheme limit of $250,000 applies to the sum of an account holder's deposits under the one banking license.

Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 Financial Claims Scheme limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name.

Our banking licence trades under the following names:

  • Australian Military Bank
  • RSL Money
  Which Australian Military Bank accounts are covered by the Scheme?

The following Australian Military Bank and RSL Money deposit accounts are covered by the Financial Claims Scheme:

  • Our Savings Accounts - Deeming, Sub-branch, Military Rewards, Access, Junior Access, Recruit Salary Saver, Star Saver Direct, Online Saver, Christmas Club, Cash Management, 100% Mortgage Offset, and Mess Account.
  • Our Retirement Accounts - Capital Guaranteed Super, Capital Guaranteed Pension, Deeming Access, and DIY Super Saver.
  • Our Term Deposits - All term deposits.
  How is the guarantee applied to a Joint Account?
In the case of joint accounts, each account holder's share of the joint account will be added to other deposits held in their name and the cap will be applied to the aggregated amount for each account-holder. Each account-holder is entitled to an individual guarantee up to the cap of $250,000.
  Does the Financial Claims Scheme apply to foreign currency?
The Scheme only applies to deposits denominated in Australian dollars.
  Where can I find out more information on the Financial Claims Scheme?
Information on the Financial Claims Scheme is available on the Financial Claims Scheme website –

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© 2018 RSL Money is a business name of Australian Military Bank Ltd | ABN 48 087 649 741 | AFSL No 237 988 | Australian credit licence number 237 988. Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our product disclosure documents before acquiring the product.