Depositor Compensation Scheme to protect your money
It’s rare for banks to fail. But if the worst happens, you could be eligible for compensation of up to $100,000. Find out how the Depositor Compensation Scheme protects your money.
About the Depositor Compensation Scheme
From 1 July 2025, your money will be protected if your bank or other deposit taker goes out of business.
The government’s Depositor Compensation Scheme will pay eligible customers up to $100,000 each if their bank fails. The scheme also includes non-bank deposit takers, e.g. building societies, credit unions, and financial companies that take retail deposits.
You don’t need to do anything to be protected. From 1 July 2025, all eligible new and existing deposits will be automatically covered.
Please note that a small number of depositors, such as government agencies, are not eligible for compensation under the Depositor Compensation Scheme. For more details on the Deposit Takers Act, visit Deposit Takers Act 2023 – New Zealand Legislation website.
Strong and safe financial system
New Zealand banks and registered non-bank deposit takers are already in a good position to withstand financial shocks. ANZ and others must meet strict requirements from the Reserve Bank and other financial regulators.
The Depositor Compensation Scheme acts as another protective layer for our personal and business customers. This brings New Zealand in line with countries like Australia, the UK, and others that offer similar protections.
The scheme is funded by New Zealand’s banks and other deposit takers and managed by the Reserve Bank of New Zealand – Te Pūtea Matua. It aims to:
- Further enhance trust and security in New Zealand’s financial system
- Make sure the Reserve Bank can act quickly to protect customers’ money if a financial company gets into serious trouble.
ANZ accounts that will be protected by the scheme
In the unlikely event that ANZ was to fail, your eligible accounts and products would be protected under the Depositor Compensation Scheme – up to a total of $100,000 per customer.
Accounts and products eligible for protection
Transaction accounts
Personal accounts:
- Go
- Freedom
- Jumpstart
- Select
- Premium
- Private Current Account
- Agri Personal Current Account
Business accounts:
- Business Current Account
- Cheque Account
- Agri Current Account
- Business Premium Current Account
- Commercial Cheque Account
- Liquidity Manager Account
- Institutional Account
- Institutional Transactional Account
- Institutional Current Account
Savings accounts
Personal accounts:
- Serious Saver
- Online
- Private Portfolio Account
- Private Reserve Account
Business accounts:
- Business Premium Call Account
- Solicitors Trust Account
- Trust Management Service Account
- Institutional Call Account
- Call Account
Investments
Personal investments:
- Term Deposit
Business investments:
- Institutional Term Deposit
- Term Deposits with ANZ acting through its Markets division
- Call Deposits with ANZ acting through its Markets division
Positive balances on revolving home loans
Personal home loans:
- Flexible Home Loan
Business home loans:
- Business Flexible Home Loan
- Commercial & Agri Flexible Facility
Positive balances on credit cards
Personal cards:
- ANZ Cashback Visa Platinum
- ANZ Cashback Visa
- ANZ Airpoints Visa Platinum
- ANZ Airpoints Visa
- ANZ Low Rate Visa
Business cards:
- ANZ Visa Business (Airpoints)
- ANZ Visa Business (Cashback)
- ANZ Visa Business (Low Rate)
- ANZ Visa Corporate
- ANZ Company Visa
- ANZ Visa Purchasing
ANZ PIE Fund
- ANZ PIE Fund - Term Option
- ANZ PIE Fund - Call Option
Some money isn’t protected by the scheme
Banking products not included in the Depositor Compensation Scheme include:
- KiwiSaver savings
- Foreign currency accounts
- Investments not mentioned as an eligible investment above.