Australian Government guarantee
Which Firstmac accounts does the guarantee apply to?
The Firstmac deposit products are covered by the Australian Government Guarantee. The Australian Government automatically guarantees deposits which are placed with an Authorised Deposit-taking Institution (ADI), up to the balance of $250,000. Firstmac deposits are issued by Goldfields Money Limited, a registered ADI under the Financial Claims Scheme. The sum of all balances held by you in Firstmac and Goldfields Money deposit accounts are covered by the Australian Government guarantee, up to the balance of $250,000.
What does the Australian Government guarantee threshold mean for single and joint accounts?
Single Account Holders
Combined balances up to $250,000 per account holder/entity are covered by the Australian Government. For example, if an account holder has a balance of $300,000 the first $250,000 will be guaranteed by the Government.
Joint Account Holders
Balances held in a joint account will be split equally among the individual account holders and combined with any other balances each account holder has with Firstmac and Goldfields Money.
If joint account holders have an aggregate balance of $500,000 with Firstmac and Goldfields Money, the whole balance is covered by the Government guarantee as the ownership of the funds are split equally between each account holder.