How the government guarantee helps savers

All deposits with Australian banks and credit unions are government guaranteed, up to $250,000.

If you have more than $250,000 to deposit, you can split your money between different banking institutions to ensure it is all covered by the government guarantee.

The government guarantee on deposits applies to deposits in savings accounts, transaction accounts and term deposits.

The government guarantee ensures savers can compare and choose accounts, safe in the knowledge that virtually all Australian institutions are backed by the government.

Source: Bankheadlines.com.au

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