How is the FCS limit applied?

How is the FCS limit applied?

The FCS limit of $250,000 applies to the sum of an account holder's deposits under one ADI.

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

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.