Hello,
We are pleased to confirm that UBank deposits are covered under the Federal Government's Financial Claims Scheme (often referred to as "the government guarantee" in the media).
According to the scheme rules, all deposits up to $1m will be guaranteed free of charge. Deposits above $1m will continue to have the same depositor protection that is provided to NAB customers and the strong backing of NAB.
NAB has an AA credit rating (one of fewer than 20 banks in the world). That means your deposits are held in a strong and well performing Australian bank and protected by stringent controls to ensure protection of your funds. In addition, under Australia Prudential Regulatory Authority (APRA) regulations, NAB (and UBank) ensures that it has the money available to cover customer deposits.
UBank is a division of National Australia Bank and operates under NAB's banking license (AFSL 230686).
For more details on the government guarantee, we encourage you to read the frequently asked questions on our website or give us a call on 13 30 80.
Speak soon,
The UBank Team
