OK, The government has said it will guarantee deposits up to $20,000 and is looking at extending this to $100,000. Now, if one has cashed out of shares and has some funds in the bank, (in our SMSF) and we have two separate accounts for that entity (eg a Cheque Account and a High Interest Account) with the same Bank, does that mean that each account would have this $100,000 limit?
Kind of damned if you do and damned if you dont - you sell some shares to protect from falling share prices, only to think of having an element of risk with the Bank.
I had heard it related only to personal accounts; might have to move our business cash into our personal accounts too!
I think if the Government did extend to $100,000 this would actually reduce to nil the risk of any stupid panic. Actually, probably even the $20,000 is enough.