Depositor Compensation Scheme

The Depositor Compensation Scheme (DCS) is designed to protect New Zealanders’ deposits, or savings. It will take effect from 1 July 2025.

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How it works

The DCS covers each customer up to $100,000 per deposit taker in the event of a failure. Deposit takers include banks, credit unions, building societies, and finance companies that take deposits. It only applies to money held in accounts that are protected under the scheme.

There are a small number of customers, such as government agencies, that are not eligible under the DCS.

The DCS is a Government scheme that’s funded by deposit takers and administered by The Reserve Bank of New Zealand - Te Pūtea Matua.

BNZ accounts covered by the DCS

Set out below is a list of DCS-protected accounts at BNZ. Only positive balances on lending/credit products will be protected.

Transaction accounts

Investment and savings accounts

Other types of accounts

Why it’s happening

The DCS is an extra layer of protection for New Zealanders, and brings New Zealand in line with international best practice.

Check your contact details

You may want to check that the contact details we have for you are correct, as well as any other deposit takers you have accounts with.

You don’t need to do anything else - the scheme will kick in automatically from 1 July 2025.

More information

RBNZ has a helpful explainer on their website, including information around what’s covered and not covered, and examples. You can also read their Depositor Compensation Scheme guide (PDF 421KB)