OilDigger Posted March 16, 2009 Share Posted March 16, 2009 I see a few threads about the best banks in Aus recently and it's got me thinking about ptotection of your capital ie. the £50,000 protection set up by the FSA and government for UK accounts. Does anything similar exit in the Aus banks or is it covered by other legislation or nothing at all ie your savings are at risk if the bank goes belly up? Link to comment Share on other sites More sharing options...
Guest Liam Posted March 16, 2009 Share Posted March 16, 2009 Government Guarantee INVEST WITH CONFIDENCE The Government Deposit Guarantee Explained In response to current global economic conditions the Prime Minister of Australia announced in October 2008 a scheme to guarantee deposits held in all Australian Banks, Building Societies and Credit Unions. As extra protection measure for the already strong Australian banking system, and to enhance confidence the scheme ensures that depositors will be guaranteed repayment of their funds in the extremely unlikely event that any banking institution fails. Funds are guaranteed for a period of 3 years from November 28 2008. This brochure explains how this affects you and the deposits you may have invested in the Greater Building Society What is the Government deposit guarantee? Deposits in APRA regulated Authorised Deposit-Taking Institutions (ADI’s) are guaranteed by the Australian Government. This means that a full Government guarantee stands behind deposits in all Australian financial institutions – banks, building societies and credit unions. What sort of depositors are covered? The guarantee applies to all deposits held by legal entities, including individuals, partnerships, companies, trusts and government entities regardless of where the depositor resides or is based. Are there any limits on the guarantee? The guarantee applies to deposits of up to a threshold of $1 million per depositor. Deposits of less than $1 million are guaranteed at no cost. What if I have more than one account? The $1 million guarantee threshold applies to the combined value of deposit accounts you hold with a particular institution. Hope this helps Liam Link to comment Share on other sites More sharing options...
OilDigger Posted March 17, 2009 Author Share Posted March 17, 2009 Perfect Liam thanks :smile: Link to comment Share on other sites More sharing options...
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