Government guarantee on deposits

Australian Govt Guarantee icon

This seal means that your account with Cairns Penny is covered by the guarantee.

The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs). Cairns Penny is an ADI. This means that this money is guaranteed if anything happens to the Cairns Penny.

The 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.

The guarantee applies to all ADIs incorporated in Australia, including Australian-owned banks, foreign subsidiary banks, building societies and credit unions.

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; pensioner deeming accounts; mortgage offset accounts, either 100 per cent or partial offset that are separate deposit accounts; trustee accounts; and retirement savings accounts.

For more details see The Australian Prudential Regulation Authority (APRA) dedicated Financial Claims Scheme (FCS) website.