Government Deposit Guarantee
The Financial Claims Scheme is an Australian Government program that provides protection for deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs). MYCU is an Authorised Deposit-taking Institution (ADI) just like the big banks and other credit unions. This means that your money is guaranteed in the unlikely event that anything happens to MYCU.
The cap applies per person and per ADI. So if you have $250,000 with MYCU and $250,000 with another bank or credit union, then both of your deposits are guaranteed. In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000.
At MYCU, we are prudentially regulated by the Australian Prudential Regulatory Authority (APRA), the same as the big banks. MYCU has been around for over 50 years through several mergers to become the confident mutual we are today. With MYCU you can feel secure that your deposits are protected with the Financial Claims Scheme applying to our:
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