Deposits with QBANK are guaranteed by the Australian Government’s Guarantee scheme, also known as the Financial Claims Scheme (FCS). This scheme provides protection for funds deposited with eligible financial institutions.
QBANK is classified as an eligible financial institution which means deposits of up to $250,000 per account-holder are protected under the scheme. If you have a joint account, this protection applies to each individual account-holder (i.e. $250,000 per individual).
In the highly unlikely event QBANK was to fail, any deposits held by a member with QBANK are guaranteed by the Australian Government, up to the $250,000 aggregate limit.
We have placed the below symbol on our website to help identify relevant products protected by this scheme:
Deposits Australian Government
Guaranteed up to $250k
Importantly, the FCS includes deposits across all accounts held with QBANK. Joint accounts and businesses with different trading names have additional rules that may impact these calculations.
Please note that deposits in excess of $250,000 (per individual member) are not protected by the FCS guarantee.
The FCS is administered by the Australian Prudential Regulatory Authority (APRA). For further information on these rules and how your deposits are protected, visit their dedicated FCS website and their FAQs page.