The Depositor Compensation Scheme (DCS) is a new scheme in New Zealand designed to protect eligible depositors. It came into effect on 1 July 2025.
The scheme provides protection for eligible people up to $100,000 per person, per deposit taker, in the unlikely event that a licensed deposit taker fails.
How the DCS applies to your Sharesies Save account
As a Sharesies Save customer, the balance in your Sharesies Save account is covered under the Depositor Compensation Scheme.
It's important to understand that Sharesies partners with ANZ Bank New Zealand Limited (ANZ) to hold your Save account funds. This means that:
Your Sharesies Save account balance is held with ANZ.
The total funds you hold across your Sharesies Save account and any eligible personal accounts you hold directly with ANZ will count towards the same $100,000 compensation limit.
In the unlikely event the DCS is activated, any funds held directly with ANZ would be covered first as part of your overall compensation limit with ANZ.
What about PIE Save?
Your Sharesies PIE Save account is not included under the Depositor Compensation Scheme.
This is because PIE Save accounts hold units in a Portfolio Investment Entity (PIE) fund, rather than being a direct cash deposit with a bank. The nature of PIE Save means it operates differently from a traditional cash deposit account.