South Africa has recently established its first deposit insurance body, the Corporation for Deposit Insurance (the Corporation), as part of the Twin Peaks regulatory reforms following the 2008/09 Global Financial Crisis (Crisis). The primary responsibilities of the Corporation are to establish, maintain and administer a deposit insurance fund to protect the banks' covered depositors and inform the depositors of its benefits and limitations, should a bank be placed into resolution. The rationale behind the protection of depositors is premised on the need to maintain confidence and financial stability in the banking sector. This article appraises the features of the new deposit insurance system as enshrined in the Financial Sector Laws Amendment Act 2021 (FSLA Act). The article evaluates whether the new framework for the protection of depositors aligns with international standards, particularly the International Association of Deposit Insurers' Core Principles for Effective Deposit Insurance Systems. The pertinent question is whether the current features of South Africa's deposit insurance are optimally designed to ensure its effectiveness. The article ends with practical suggestions for strengthening the South African deposit insurance framework to ensure its optimal alignment with international good practice.