Big depositors get to opt out of guarantee
National Australia Bank said it would give customers with funds over $1 million the choice of opting out of the government guarantee. For customers who choose to use a guaranteed product, the funds will be guaranteed subject to a Government-imposed fee of 0.70%. Should they choose to guarantee their funds, customers can open a specific guaranteed product. NAB's product based approach to the Government Guarantee provides its customers with the choice and control to manage their own funds and the ability to part insure if they choose. NAB is establishing capability to commence Government Guarantee products from Friday, 28 November 2008.
Source: National Australia Bank