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How is the FCS limit applied?
The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking licence. Some banking institutions operate multiple banking businesses with different trading names under the same banking license. Since the FCS applies to deposits per licensed banking institution, if you have the type of deposit accounts that FCS applies with a licenced bank, building society or credit union as well as deposits with any other banking businesses that institution operates under a different trading name, the FCS limit of $250,000 will apply to the total funds in all of these accounts under the one banking license.
Where can I find further information on the FCS?
Visit the FCS website fcs.gov.au for more information, including the following: