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Depositor Compensation Scheme (DCS)
Starting 1 July 2025, deposits held with ICBC NZ will be protected by the New Zealand Government's Depositor Compensation Scheme (DCS).
What is the DCS? It's a government-backed safety net for deposits, managed by the Reserve Bank of New Zealand (RBNZ). Its purpose is to protect depositors and maintain financial stability if a deposit taker fails. Similar schemes already protect depositors in many other countries. The RBNZ funds the scheme by charging levies to all deposit takers in New Zealand.
How does it work? If ICBC NZ fails, the DCS will cover eligible deposits held in New Zealand Dollars in any of the following DCS-protected accounts, up to $100,000 NZD per depositor:
Corporate Current Account
Corporate Savings Account
Corporate Term Deposit Account
Personal Current Account
Personal Savings Account
Smart Saver Account
Personal Term Deposit Account
Positive Balance of Personal Credit Card
Automatic Protection: Starting 1 July 2025, both your existing and new NZD deposits in DCS-protected accounts at ICBC NZ will be automatically covered by the DCS. You don't need to do anything to activate this protection.
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