The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. The FCS is commonly referred to as the Australian Government Bank Deposit Guarantee.
The FCS applies to the Macquarie Business Savings Account. Under the FCS, deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA). To find out more about how the FCS limit is applied, please click here.
Further information regarding your Macquarie account and the Financial Claims Scheme can be found by clicking here.