How is the FCS limit applied?
The Financial Claims Scheme (FCS) limit of A$250,000 applies to the sum of an account holder's total deposits under any one banking licence. Accounts with funds that are not in Australian dollars are excluded.
All deposits held by an account holder with any single banking institution must be added together towards the A$250,000 FCS limit. This includes accounts with any other banking businesses that operate under a different trading name, but are managed by the same licensed banking institution.
Revolut only operates one bank in Australia.
What about Joint accounts?
For Joint accounts, the amount of FCS protection is determined by:
- Splitting the Joint account deposit equally between the account holders
- Adding the split deposit amount to any other deposits the account holders hold individually
- Applying the FCS limit to each individual’s deposit total