The DCS covers each depositor up to $100,000 per deposit taker in the unlikely event of a failure, when money is held in DCS-protected accounts. The Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) has provided a list of deposit takers who will offer deposits that will be covered by the DCS here.
The DCS gives depositors confidence that their money is protected, adding to the stability of New Zealand’s financial system.
Why is the DCS being introduced?
The DCS is being introduced to give New Zealanders more confidence that their money is safe. Many other parts of the world offer similar protection to depositors.
The DCS is a government-backed scheme, run by the RBNZ and funded by banks and other deposit takers. It’s designed to protect people’s savings and help build trust in the financial system.
New Zealand’s deposit takers, including SBS, already meet strict rules set by the RBNZ and other regulators. The DCS adds another layer of protection for depositors by providing compensation of up to $100,000 in the unlikely event that something goes wrong and a deposit taker fails.
Do I need to do anything to be covered by the DCS?
You don’t need to do anything. From 1 July 2025, any money you have in DCS-protected accounts will automatically be covered, up to $100,000 per depositor, per deposit taker.
It’s a good idea, however, to make sure your contact details are always up to date with all banks and other deposit takers where you have accounts.
Which SBS accounts will be covered by the DCS?
In the unlikely event SBS was to fail, the following products and accounts will be covered by the DCS, up to a total of $100,000 per depositor. These products and accounts are referred to as DCS protected accounts.
DCS-protected accounts currently offered
| Product Type | Product Name |
| Transactional accounts | Lite Account Classic Account |
| Savings accounts | i-Save Account Call Account |
| Term investments | Redeemable Share Investments Deposit Term Investments |
| Any positive balance on revolving loans |
Revolving Credit Home Loan |
Accounts no longer offered to new customers that are protected by the DCS
| Product Type | Product Name |
| Transactional accounts | Star Account |
What is not protected under the DCS?
Bonds and other tradable or subordinated products, managed investment schemes (including KiwiSaver and other superannuation schemes that are managed investment schemes), and foreign currency accounts, are not protected under the DCS.
Money lost as a result of scams or frauds is not covered by the DCS.
Please note that a small number of depositors, such as government agencies, are not eligible under the DCS.
Where can I find more information?
Please visit dcs.govt.nz for more information on the DCS