Government deposit guarantee falls to $250K

Many investors are reviewing their investments right now said Andrew Murray, chief executive of Curve Securities, pending the big change to the Commonwealth government’s deposit guarantee scheme.

“From the 1st of February 2012 only the first $250,000 of deposits, per institution, will be guaranteed, down from one million dollars so that’s making a few big investors look around right now.”

“People investing or depositing less than $250,000 can still shop around for the best rate in the knowledge their cash is government guaranteed.”

Source: Courier Mail