What is the Depositor Compensation Scheme (DCS)?
The Depositor Compensation Scheme covers each eligible depositor up to $100,000 per deposit taker (such as banks and non-bank deposit takers, including credit unions, building societies and finance companies) 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 a helpful explainer on its website — visit rbnz.govt.nz.
Why was the Depositor Compensation Scheme introduced?
The Depositor Compensation Scheme is a government scheme funded by deposit takers and administered by the RBNZ. It’s designed to strengthen trust and security in New Zealand’s financial system and align us with the protection available in many other countries.
This cover is great news, and you can also have confidence that New Zealand’s banks, including Kiwibank, are already well regulated to help them handle financial disruption. Read our current credit ratings.
New Zealand has one of the world’s most trusted and secure financial systems."Reserve Bank of New Zealand - Te Pūtea Matua website
Which Kiwibank accounts are covered by the Depositor Compensation Scheme?
In the unlikely event Kiwibank was to fail, the following products and accounts would be covered by the Depositor Compensation Scheme, up to a total of $100,000 per depositor. These products and accounts are referred to as DCS-protected accounts.
Please note that a small number of customers are not eligible under the Depositor Compensation Scheme. This includes government agencies. For more details on the Deposit Takers Act, visit legislation.govt.nz.
Accounts protected by the scheme
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Business |
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Everyday accounts |
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Savings accounts |
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Investments |
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Revolving loans with a positive balance |
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Credit Cards with a positive balance |
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Accounts with PIE Unit Trust funds |
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Accounts with overdraft facilities |
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* We no longer offer opening these accounts, existing accounts are still covered.
+ We no longer offer opening these cards, existing cards with a positive balance are still covered.
1 Funds in the Kiwibank PIE Unit Trust are protected as the funds are invested in Kiwibank protected accounts. Units are issued by Kiwibank Investment Management Limited (a subsidiary of Kiwibank Limited).
2 If an account with an overdraft facility has a positive balance, it will be protected under the relevant everyday account.
How do I find out what accounts I have?
In our mobile app
- Log in to the mobile app.
- Select the account you want to view.
- Tap the 'Detail' tab.
In internet banking
- Log in to internet banking.
- Select the account you want to view.
- Click the 'Account details' tab.
What do I need to do to be covered by the Depositor Compensation Scheme?
There's nothing you need to do. Any money you have, or is held for you, in DCS-protected accounts is automatically protected up to $100,000 per depositor, per deposit taker, in the unlikely event of a failure.
How can I find out more?
Visit rbnz.govt.nz for more information.
Explore accounts covered by DCS
Account opening criteria, terms and fees apply.
We no longer offer the following accounts or cards: Now, Front Runner, Bill Blaster, Back-up Saver, Fast Forward Saver, First Saver, Business Performer, Air New Zealand Airpoints Platinum Visa, Air New Zealand Airpoints Low Fee Visa, Air New Zealand Airpoints Standard Visa or Business Low Rate Visa. You can find more information on our products no longer offered page.