What's happening?
The Reserve Bank will introduce the new depositor compensation scheme on 1 July 2025.
This scheme has been established under the Deposit Takers Act, which was passed into law in July 2023.
Details of the scheme are being finalised by the Reserve Bank, but we expect that:
- the scheme will protect up to $100,000 for each customer across each deposit taker (i.e. bank, credit union, building society, or finance company)
- the scheme will cover individuals and organisations (companies, partnerships, trusts)
- the scheme will cover transactional, savings and term deposits
What it means for you
There are no immediate changes, and you don’t need to do anything for your money to be covered once the scheme goes live.
It might be a good idea to update your contact details with all the banks and other deposit takers where you have accounts.
Where can I find more information?
Please visit the Depositor Compensation Scheme page on the Reserve Bank of New Zealand's website rbnz.govt.nz/dcs