Lexi Webster
ING is a business name of ING Bank (Australia) Ltd (IBAL). ING offers a range of financial services to its customers, including insurance, savings accounts, and credit cards. ING savings accounts offer high variable interest rates and competitive ongoing rates. Combined savings balances of up to $250,000 per customer are guaranteed by the Australian Government under the Financial Claims Scheme (FCS). The FCS protects money held by an account holder with an authorised deposit-taking institution (ADI) in the event of the ADI failing.
| Characteristics | Values |
|---|---|
| Combined savings balance | Guaranteed up to $250,000 per customer |
| High-interest rate | Guaranteed for the term chosen by the customer |
| Tiered savings account | Higher variable interest rates for balances starting at $50,000 |
| Business savings account | Variable interest with 24/7 access |
| Fixed interest rate | For business savings, the customer chooses the timeframe |
| Competitive interest rates for a fixed period, tailored to the customer's cash flow needs |
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What You'll Learn
- The Australian Government guarantees ING savings balances up to $250,000 per customer
- The Financial Claims Scheme (FCS) provides this protection
- The FCS covers money held with an Authorised Deposit-taking Institution (ADI)
- The FCS covers accounts offered under different names by the same ADI
- Restricted ADIs are also covered by the FCS under certain conditions
The Australian Government guarantees ING savings balances up to $250,000 per customer
The Australian Government guarantees ING savings balances of up to $250,000 per customer. This guarantee is provided through the Financial Claims Scheme (FCS), which protects depositors' money in the event of an authorised deposit-taking institution (ADI) failing. This protection covers up to $250,000 per account holder per ADI and applies to a range of financial institutions, including banks, building societies, and credit unions.
ING customers can take advantage of this guarantee by opening a savings account with the bank. ING savings accounts offer high variable interest rates, with competitive ongoing rates helping customers' money grow towards their savings goals. The bank also provides a tiered savings account option, with higher variable interest rates for balances starting at $50,000. This tiered structure allows customers to earn more interest as their savings balance increases.
The FCS protection is not limited to traditional banks but also covers accounts offered by ADIs under different trading names. For example, accounts provided by a subsidiary of an ADI or branded under a third-party name may still be protected under the FCS as long as the account is held with the authorised ADI. This flexibility ensures that a wide range of account holders can benefit from the security provided by the Australian Government's guarantee.
It is important to note that the FCS protection is limited to a total value of $250,000 per account holder across all their protected accounts with a particular ADI. This limit includes any accounts held under different names or brands associated with the same ADI. Customers with joint accounts are each entitled to the $250,000 guarantee, providing an additional layer of security for their combined savings.
By offering savings accounts covered by the Australian Government's guarantee, ING provides its customers with peace of mind and security for their hard-earned savings. This protection ensures that ING customers can trust that their savings are safe and protected, even in the unlikely event of the institution's failure.
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The Financial Claims Scheme (FCS) provides this protection
The Financial Claims Scheme (FCS) is an Australian Government initiative that was introduced during the 2008 global financial crisis. The scheme aims to provide financial protection to consumers in the unlikely event of a failure of a bank, credit union, building society, or general insurer.
The FCS offers protection to depositors of banks, credit unions, and building societies incorporated in Australia (authorised deposit-taking institutions or ADIs). It guarantees deposits of up to $250,000 per account holder per ADI. This means that if an ADI fails, depositors can promptly access and receive their money within seven days of the FCS's activation. It's important to note that this protection also extends to joint accounts, with each account holder entitled to the $250,000 guarantee.
The FCS also covers general insurance claims. It provides protection for claims of up to $5,000 from policyholders and claimants against general insurers in Australia. The scheme also offers additional protection for eligible claimants with claims above the $5,000 threshold.
The Australian Government can activate the FCS in the unlikely event that an ADI or general insurer fails. This activation ensures that consumers can access their protected deposits and claims promptly, maintaining the stability of the Australian financial system.
ING customers can benefit from this protection, as their combined savings balances of up to $250,000 per customer are guaranteed by the Australian Government through the FCS. This guarantee ensures that ING depositors have the same level of protection as those of other banks and financial institutions in Australia.
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The FCS covers money held with an Authorised Deposit-taking Institution (ADI)
The Australian Government set up the Financial Claims Scheme (FCS) in 2008 as a response to the global financial crisis. The FCS provides protection to depositors in Authorised Deposit-taking Institutions (ADIs) in the event of the ADI failing. ADIs are financial institutions licensed by the Australian Prudential Regulatory Authority (APRA) to carry out banking business, including accepting deposits from the public. This includes the Reserve Bank of Australia, state banks, and other financial institutions whose real and substantial business is the collection of money by receiving deposits and lending it out.
Under the FCS, ING customers are guaranteed a combined savings balance of up to $250,000 per customer by the Australian Government. This guarantee applies to each account holder in the case of joint accounts. The FCS covers money held with an Authorised Deposit-taking Institution (ADI), providing protection to depositors of up to $250,000 per account holder. This scheme ensures that depositors' funds are protected in the event of an ADI failure.
To check if your savings are covered by the FCS, you can use the deposit checker on the APRA website. The FCS provides peace of mind and security for individuals and businesses with funds in ADIs, knowing that their deposits are protected up to the specified limit. This scheme plays a crucial role in maintaining confidence and stability in the Australian financial system.
In addition to the FCS, ING offers a range of products and services to its customers, including insurance, credit cards, and loans. For example, ING provides cover for loss or damage to your car, as well as damage caused to other people's vehicles and property. They also offer home and contents insurance, with potential savings on premiums when purchasing a combined policy online.
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The FCS covers accounts offered under different names by the same ADI
The Financial Claims Scheme (FCS) protects deposits up to $250,000 per account holder at each separate bank, building society, or credit union (also known as authorised deposit-taking institutions or ADIs). This means that a person can have up to $250,000 in deposit accounts with a number of different ADIs, and they will all be protected by the FCS.
Some ADIs market themselves under more than one brand or trading name. For example, BankWest is part of the Commonwealth Bank, while St George is part of Westpac. Some banks also offer accounts under the name of a different company, such as a subsidiary of the ADI. For example, deposit accounts offered by RAMS are actually Westpac accounts. Some accounts may also be branded or marketed under the name of a third party, such as Bank of Queensland offering accounts under the "Virgin Money Australia" name or National Australia Bank offering accounts under the "Citi" name.
Provided the protected account is actually with the ADI, it will be covered by the FCS. This means that if a person has an account with an ADI that is offered under a different name, that account will still be covered by the FCS. The FCS covers protected accounts held in locally incorporated authorised deposit-taking institutions (ADIs). The definition of a protected account is contained in section 5 of the Banking Act 1959 and considers the nature of the account, not its purpose.
It is important to note that the FCS only covers deposits up to $250,000 per account holder. For joint accounts, the amount of FCS protection is determined by splitting the deposit equally between the account holders. Each account holder's share is then added to any other eligible deposits they may hold under their own name at the same bank before the $250,000 FCS limit is then applied to the total for each individual.
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Restricted ADIs are also covered by the FCS under certain conditions
The Australian Government guarantees combined savings balances of up to $250,000 per customer in the event of a bank failure. This guarantee is provided through the Financial Claims Scheme (FCS), which applies to deposit accounts held with banks, building societies, and credit unions (also known as authorised deposit-taking institutions or ADIs) incorporated in Australia. The FCS protects money held by an account holder with an ADI, covering up to $250,000 per account holder per ADI.
Restricted ADIs are a specific type of authorised deposit-taking institution (ADI) that is authorised by APRA to conduct banking business in Australia for a limited period. Restricted ADIs offer products that are not available to the general public and are subject to specific requirements and restrictions, including limits on the amount of deposits that can be accepted. Despite their differences from traditional ADIs, Restricted ADIs are also covered by the FCS under certain conditions.
The FCS applies to protected accounts offered by Restricted ADIs, denoted with an asterisk (*) on the APRA website. To be covered by the FCS, customers of Restricted ADIs should check the terms and conditions of their specific products to determine if they are protected. It is important to note that the FCS only applies to deposit accounts with funds in Australian dollars, and the total value of all protected accounts with an ADI, including Restricted ADIs, should not exceed the $250,000 limit.
In summary, Restricted ADIs are covered by the FCS, but customers should carefully review the terms and conditions of their specific products to confirm their eligibility for protection under the scheme. This information can be found on the APRA website, which provides a list of authorised deposit-taking institutions covered by the FCS, along with details on the types of accounts that are protected under the scheme.
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Frequently asked questions
Yes, ING is covered by the Australian Government guarantee. Combined savings balances of up to $250,000 per customer are guaranteed by the Australian Government under the Financial Claims Scheme (FCS).
The FCS provides protection to depositors of up to $250,000 per account holder per authorised deposit-taking institution (ADI) in the event of the ADI failing.
To check if your savings are covered by the FCS, you can use the deposit checker on the APRA website.
