How we protect your funds — FCS protection on Australian Revolut bank accounts

Revolut is an Authorised Deposit-taking Institution (ADI), authorised and regulated by the Australian Prudential Regulation Authority (APRA). This means that your money is protected by the Australian Government’s Financial Claims Scheme (FCS). Let’s dive into how this works, and what FCS protection means for customers of our Australian bank.

How is your money protected at Revolut?

Revolut Bank Australia provides the same level of protection for your funds as any bank in Australia.

The Financial Claims Scheme (FCS) is an independent statutory programme backed by the Australian Government that protects your money in case the bank fails. In this unlikely case, the FCS is legally obliged to pay back eligible customers up to a maximum compensation amount, which is currently AU$250,000 per person, per ADI (for eligible deposits). The FCS aims to pay compensation within 7 days of a bank failing, ensuring that your funds are quickly and reliably available to you.

You’ll have peace of mind knowing your funds are secured if anything should happen, just like with any other bank in Australia.

What other kind of protections are there?

Aside from FCS protection providing a safety net, here are other ways we help keep your account protected:

• Dedicated accounts: we also take additional steps to help keep your funds safe. Your money is held in dedicated accounts, separate from our operational funds, so it’s available when you need it.
• Always-on security: every account has 24/7 protection through proactive, purpose-built defences and a team of specialists. And if something looks suspicious, our machine learning models can pick it up. We’ll notify you and take action immediately. If we freeze your card, you can review, and unfreeze if needed.
• In-app controls: you can personalise and manage over 10 security settings within the app for extra layers of armour that suit your needs. Freeze your card in-app, turn on Wealth Protection to confirm certain withdrawals with biometrics, report a lost device, and more.

All the while, our Revolut Support team is available when you need us — reach out 24/7 via the in-app chat.

What if I have multiple accounts with Revolut?

FCS protection applies to all the eligible deposits you keep in your Revolut account — including across your everyday accounts and other linked Revolut accounts.

The FCS compensation limit of AU$250,000 applies per person, per authorised bank (ADI). This means your total eligible deposits across Revolut — including your personal accounts, Kids & Teens accounts, Joint accounts, Pockets, and Business accounts in the same name — are covered up to AU$250,000 in total. For Joint accounts, the AU$250,000 limit applies to each account holder individually.

Anything else I should know?

Please note that stocks, cryptocurrencies, commodities, or foreign currency deposits available through Revolut aren't protected by the FCS, as they are investment products and separate from deposit-based banking products.

For more information on Financial Claims Scheme protection, please check the official Australian Government FCS website.