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  • zero_gravitastoBrisbaneBanking as an expat
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    9 days ago

    The linked page says several times “for each account holder”. But that doesn’t mean a joint account gets double the guarantee, does it?

    That is what it means, yes. Or, stated differently, an equal split of a joint account’s balance is counted towards each of the joint holders’ deposit guarantee limit.

    See here: https://www.apra.gov.au/frequently-asked-questions-about-banking-and-financial-claims-scheme

    Case study

    Alex and Peter have a number of accounts with their credit union:

    • $300,000 in a joint account
    • $50,000 in a separate account in only Alex’s name.

    The FCS protects a total amount of deposits up to $250,000 for each account holder for each bank, building society and credit union. Therefore, Peter is covered under the FCS for $150,000 (half the joint account) while Alex is covered for $200,000 (being the sum of $150,000 from the joint account in addition to the $50,000 from his individual account).