1 million bank guarantee? - Aussie Stock Forums

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  1. #1

    Default 1 million bank guarantee?

    does anyone know if the building societies like newcastle permanent or the greater are covered by the 1 million $ bank guarantee?

    my old man has a few hundred thousand he wants to invest in a TD. but only if guaranteed.

    thanks in advance.


  2. #2
    ck13488's Avatar
    Join Date
    Oct 2008
    Where you'd rather be

    Default Re: 1 million bank guarantee?

    the greater is guaranteed...read the pamphlet in there last week.

  3. #3

    Default Re: 1 million bank guarantee?

    yep all aussie banks, building societies and credit unions are. but still check before u deposit.

  4. #4

    Default Re: 1 million bank guarantee?

    All guarenteed, but if you have over 1 Million, the first 1Mill will be guarenteed and then you will have to pay a risk fee to the bank to have the amount over 1 Mill guarenteed.
    Solution: Open multiple account with different banks.

  5. #5

    Join Date
    Jun 2007
    Melbourne vic

    Default Re: 1 million bank guarantee?

    and just in case anyone did deposit over 1 mill in one deposit...the big four banks will charge .07% fee, the others will pay fees between 1.5% and 2.00%
    as they are considered a higher risk....check with the deposit taker first.
    so you are charged an upfront fee of $7000 and earn say 3% or less as the year goes by...so 3% = 30,000 pa less 7000 = net 23,000....so if inflation stays low, you will have kept pace...before tax that is

    it will be interesting if they scale back the guarantee at some stage....in light of all the funds frozen by the non bank sector....who do not have a guarantee,
    I think this anomaly may be addressed in the May budget

    did anyone wonder why the banks were raising capital, after they had received all the deposits ??? I mean they are flush with cash....

    and apparently one day in October before the guarantee was in place...16 billion dollars was taken out of other investments/deposits and placed into the big 4 banks....think CBA first
    Property Investor in both Commercial and Residential property. I hold for 10 years or the mv reaches my sell figure, whichever comes first.

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