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The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA). The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA). In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days. 

Yes, the account will be in the name of the child, but a parent/guardian can be added as a Third Party Operator to the account. For more information refer to our Opening Accounts for Minors brochure. 

A Birth Certificate is sufficient identification to open an account for a child. 

People First Bank is regulated in the same way as all other authorised deposit-taking institutions (banks, credit unions and building societies) in Australia. It is required to meet exceptionally high standards and rules set by the Australian Prudential Regulation Authority (APRA). These regulations and standards have made Australia's banking system one of the strongest in the world. You can feel confident your money with People First Bank is well protected.