The Federal Government Deposit Guarantee
Closure of the Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding
The Australian Government Guarantee for Large Deposits (more than $1 million) Scheme closed to new applications in March 2010.
Existing cover under the Scheme progressively expires (depending on the account type) as follows:
- Fixed investment products such as term deposits – covered for the term of the investment (up to five years)
- At call deposits such as Netbank Saver – covered up to the closing guaranteed amount as at 31 March 2010 – until October 2015
The Government Guarantee Scheme for Large Deposits includes interest accrued on Term Deposits until the maturity date.
For further information, please contact APRA at http://www.apra.gov.au or on 1300 55 88 49 (if calling from within Australia) or +61 2 9210 3480 (if calling from outside Australia).
Change to the Financial Claims Scheme
The Federal Government’s Financial Claims Scheme provides a guarantee of deposits up to and including $250,000 at no charge – there is no requirement for customers to specifically request the application of this guarantee.
This information is up to date as of 3 February 2012. CBA will update this when further information is made available from APRA.