Bank with peace of mind{yellow-border}
Australia is fortunate to have one of the safest, most stable and highly regulated banking sectors in the world. Australian banks are among the best funded and most liquid and are prudently managed using international best practice.
The stability of the banking sector and its ability to withstand a variety of economic stresses is constantly monitored by a range of bodies, including the Reserve Bank of Australia and the Australian Prudential Regulation Authority.
The Federal Government's Deposit Guarantee
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.
Under the FCS, certain 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).
The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA). In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
The FCS limit of $250 000 applies to the sum of an account holder’s deposits under the one banking license. Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250 000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name. For BOQ Specialist, this includes accounts held with BOQ Specialist, BOQ and Virgin Money (Australia) and ME Bank.
The guarantee only applies to Australian Dollar denominated deposits. Foreign currency accounts are not covered under the Government Guarantee. For more information about the Government Guarantee and the Financial Claims Scheme, please refer to www.fcs.gov.au or call 1300 55 88 49.
What types of deposit accounts are covered by the FCS?
The Financial Claims Scheme applies to a wide range of Australian Dollar deposits, including:
One Account
The One Account is a unique transaction account that pays a competitive rate of interest on credit balances as well as giving you access to an optional overdraft facility.
Notice Account
Perfect if you’re saving for a big goal and don’t need everyday access, our 32 Day Notice Account offers a great rate and a simple way to save.
Everyday Plus account
Earn Qantas Points or Velocity Points on your daily transaction account balances. There are no establishment or account keeping fees and you can redeem your Points for flights, holidays and more.
Term deposits
Put your money to work with a great interest rate and the added benefit of no establishment or account keeping fees.
Private Access Savings Account
Our Private access account allows you to make deposits and transfer funds at any time, requires no ongoing minimum balance and pays a competitive variable rate of interest on your entire balance.
One Account for Business
The BOQ Specialist One Account for Business offers a competitive interest rate on your account balance and links to market leading merchant solutions via our partnership with Fiserv and Tyro.
What is an offset account
An offset account is a type of bank account that’s linked to your mortgage account and can bring down the interest you pay on your loan. Here’s how they work.