We’re working on setting up the ability to spend money easily in Australia. We’re looking at Wise for transfers and starting to live in Aus. As we roll into collecting pay, are there any banks or credit unions (if that’s even a thing outside of the US) that are recommended or actively discouraged from using?

  • zero_gravitas@aussie.zoneEnglish
    2·
    12 days ago

    The linked page says several times “for each account holder”. But that doesn’t mean a joint account gets double the guarantee, does it?

    That is what it means, yes. Or, stated differently, an equal split of a joint account’s balance is counted towards each of the joint holders’ deposit guarantee limit.

    See here: https://www.apra.gov.au/frequently-asked-questions-about-banking-and-financial-claims-scheme

    Case study

    Alex and Peter have a number of accounts with their credit union:

    • $300,000 in a joint account
    • $50,000 in a separate account in only Alex’s name.

    The FCS protects a total amount of deposits up to $250,000 for each account holder for each bank, building society and credit union. Therefore, Peter is covered under the FCS for $150,000 (half the joint account) while Alex is covered for $200,000 (being the sum of $150,000 from the joint account in addition to the $50,000 from his individual account).