In October 2008 the Federal Government announced the introduction of a Deposit Guarantee which will take effect in deposit-taking institutions which will be regulated by the Australian Prudential Regulations Authority (APRA) Authorised deposit-taking institutions regulated by the Australian Prudential Regulation Authority (APRA) The list of some institutions will follow. There are some conditions to the Deposit Guarantee. For Deposits of or under $1 million, the guarantee will be free. However for deposits over $1 million the eligible institution will be able to get cover for a fee.

The Government advised that this guarantee would be for a three year period. With touch economic times ahead it will pay to ensure that you have your savings or personal superannuation within an eligible institution. Many of our reviewed institutions have the Government Deposit Guarantee in place and you just need to fill out a few forms to be eligible. So speak to your Bank Manager and protect your money.