The Depositor Compensation Scheme (DCS) will protect depositors, up to $100,000 if your deposit taker fails. Coverage is automatic from 1 July 2025, if your money is in a DCS-protected account. This includes existing deposits.

Depositors

Anyone who holds their money, or has their money held for them, in a DCS-protected account. This includes transaction, savings, notice, and term deposit accounts.

Deposit Takers

Banks and non-bank deposit takers, including credit unions, building societies, and finance companies that take retail deposits.

DCS-protected accounts

Most transaction, savings, notice, and term deposit accounts in New Zealand will be protected by the DCS. Check with your deposit taker if your deposit is protected

Not Covered by the DCS

Some money is not protected by the DCS, including money held in:

• Bonds and other tradable products
• KiwiSaver and other superannuation schemes that are managed investment schemes
• Foreign currency accounts

Some depositors are not eligible for the DCS, including government agencies. Speak with your deposit taker if you’re unsure whether your money is protected by the DCS.

To find out more see this page on the Reserve Banks website