Does the Australian Governments Financial Claims Scheme (‘FCS’) apply to business deposits?
Yes. Under the Financial Claims Scheme, an account holder who is a body corporate, partnership, unincorporated association, or trustee of a trust is covered under the scheme up to the limit of $250,000 per account holder per authorised deposit-taking institution (ADI).
Greater Bank and Newcastle Permanent are both parts of Newcastle Greater Mutual Group Ltd, a single ADI. Therefore, a single $250,000 limit will apply to the aggregate balance of any eligible accounts held across Greater Bank and Newcastle Permanent.
For more information, go to www.fcs.gov.au