BankVic is committed to ensuring the security of members' money. As a bank, we are regulated by Australian Prudential Regulation Authority (APRA). Our prudent financial management means that we represent a safe haven for our members. Our credit quality is exceptional and we have no exposure to investments overseas. BankVic is prudently managed at all times and is well capitalised, liquid and profitable.
BankVic members are our priority with our key responsibility being to help our members to achieve a more secure financial future.
The Australian Government is also mindful of the security of your savings and guarantees deposits held in authorised deposit-taking institutions (banks, credit unions and building societies) up to the cap of $250,000 through its the Financial Claims Scheme.
Depositors benefit from the comfort of the $250,000 guarantee which applies per account holder, per Authorised Deposit taking Institution (ADI). The scheme is exactly the same in each bank, credit union and building society.
The Financial Claims Scheme applies to a wide range of deposits held with banks, building societies and credit unions, including the following:
With the banking sector highly regulated in Australia, the Financial Claims Scheme has extra protection to ensure that your deposits are safe with any regulated banking institution – any bank, credit union or building society in Australia.
For more information, please refer to the Financial Claims Scheme for ADIs FAQs from the Australian Prudential Regulation Authority (APRA) website.
Australia has one of the strongest banking regulatory system in the world – all banks, building societies and credit unions meet exceptionally high standards set down by the regulator, APRA. Deposits in all Australia's banks, building societies and credit unions are safe. Member deposits are guaranteed up to $250,000 per member per ADI.