About the Depositor Compensation Scheme
As of 1 July 2025, your money is protected if your bank or other deposit taker goes out of business.
The government’s Depositor Compensation Scheme pays 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. All eligible new and existing deposits are 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 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
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.
Keep on the lookout for scams
Changes and advances in banking can create new opportunities for scammers. We already see Kiwis being targeted by investment scams. The best way to protect yourself and your money is to stay vigilant, learn practical tips to spot scam red flags and be aware of the latest scams.