Financial Claims Scheme
Government deposit guarantees for your peace of mind
The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection to deposits in Australian Authorised Deposit-Taking Institutions (ADIs - ie, banks, building societies and credit unions) and to policies with general insurers in the unlikely event that one of these financial institutions fails. The FCS is also referred to as the Australian Government Deposit Guarantee.
Deposits up to $250,000 held with ADIs have been guaranteed by the government under this scheme. This means that your money is guaranteed if anything was to happen to Nexus Mutual or any of the other ADIs. This scheme also provides depositors with prompt access to their deposits that are protected under the FCS.
If you hold an account in joint names, each individual account holder is entitled to an individual guarantee up to $250,000.
The guarantee applies to balances up to $250,000 for all of Nexus Mutual’s deposit accounts including:
- Access account
- Direct Saver
- Bonus Saver
- Home Saver
- Junior Saver
- Cash Management
- Negotiated Deposit
- Classic Term Deposit
- Regular Income Term Deposit
- SMSF and Family Trust Term Deposit