Non-Bank Deposit Takers will be included in the Deposit Compensation Scheme starting in mid-2025

It’s exciting to see the 2025 Deposit Compensation Scheme (DCS) gaining attention in the market. Starting in mid-2025, this scheme will provide coverage of up to $100,000 per institution for depositors in the event that an RBNZ-licensed deposit taker fails. This is an important development that will enhance the protection offered to savers, providing greater financial security across New Zealand’s deposit-taking institutions. By including non-bank deposit takers (NBDTs) like Xceda, the DCS ensures that customers of these institutions will have the same level of protection as those with traditional banks.

What This Means for Xceda and Our Customers

Xceda will be part of the DCS, and we are pleased to offer our customers the added confidence that comes with this new initiative. The inclusion of NBDTs like Xceda under the scheme reflects the growing stability of the non-bank financial sector. For our customers, this means they can continue to invest with peace of mind, knowing their deposits are safeguarded up to $100,000 per institution. We are proud to be part of this evolving landscape and are committed to providing our customers with secure, reliable financial products.

Rate Table Update from Interest.co.nz

Interest.co.nz has updated its interest rate table to clearly identify which non-bank deposit takers (NBDTs) will be covered under the DCS. This update provides a useful reference for savers looking to compare options and understand the protection available to them.

You can read the full article here: Our rate tables are changing | interest.co.nz