The Australian Government's Financial Claims Scheme (FCS) protects people's deposits in the unlikely event that a bank, building society and credit union fails. It only covers financial institutions that are incorporated in Australia and who are Authorised Deposit-taking Institutions (ADI's).
Through the Financial Claims Scheme (FCS), the Australian Government guarantees deposits up to $250,000 and the cap applies per ADI. Through FCS, the Australian Government guarantees deposits up to $250,000 and the cap applies per ADI.
For example, if you place $250,000 with one ADI and $250,000 with another, then both of the deposits are guaranteed. If you place more than $250,000 with one ADI, then only up to $250,000 is guaranteed. In the case of joint accounts, each account holder is entitled to an individual guarantee up to $250,000.
Please note the following banks BOQ, Members Equity Bank and BOQ Specialist combine to form one ADI.
You can read more about the scheme here: https://www.apra.gov.au/financial-claims-scheme.