Security of our members funds is one of the highest priorities at XHP. To facilitate this XHP has an agreement with Sargon Corporate Trustee, who is a custodian that has been operating for well over 130 years. The benefit of having a custodian, is that of increasing the security of your funds and entering that the responsible entity is complying with its constitution in the operation of the scheme. The Custodian is provided with a constitution of the scheme and they have full rights to question transaction race by the responsible entity, thus protecting against unauthorised transaction against members funds.

All contributions paid by you are held securely by a custodian whose role it is, to keep in safe custody your funds, separate from that off the Xtras health plan Ltd. The custodian also verifies instructions from Xtras Health Plan for the disbursement of funds to pay for health service requested by a member. This offers multiple levels of protection of our Members funds. In this case, the Custodian engaged is Sargon Corporate Trustee, who are a separate organisation to Xtras Health Plan, they have been in the business of providing custody service for about 130 years.

Having that security of funds being held separately provides you as the member the comfort of knowing your funds are safe. The custodian holds the funds in an Australian Depository Institution that pays an interest on the funds under custody. Depending on your account balance, the interest payable is credited to your account within 5 business days from the end of the month.