What is the Australian Government Deposit Guarantee Scheme?
The Australian Government Deposit Guarantee is a Federal Government initiative announced on 12 October 2008 that guarantees the deposits of customers of Authorised Deposit Taking Institutions (PDF 28kB)

On 24 October, the Government announced details of the fees applicable to deposit guarantee, which are:

• Deposits of up to A$1 million will be free, and
• From 28 November 2008, a fee will apply for the guarantee for the balance of deposits above A$1 million. For example, for a deposit of $1.5 million the first $1 million would be guaranteed free and a fee of 0.7% pa would apply to the $500,000 above the first $1 million.

What deposits are covered by the Guarantee?
The guarantee applies to deposits made by individuals, partnerships, businesses, (including in their offshore branches) trusts and government entities. View all eligible accounts (PDF 28kB)

Why is ANZ participating in this scheme?
Australian banks remain fundamentally sound, profitable, well capitalised and well-regulated financial institutions and ANZ is amongst the top 30 AA or higher rated banks globally.

ANZ is participating in the Federal Government Deposit Guarantee Scheme to give customers an option to take out a Government guarantee should they want to in the current economic climate.

What happens if I have more than A$1 million deposited with an Australian Financial Institution?
From 28 November 2008 you have the option to take up a Government guarantee on deposits of more than A$1 million. The cost of this will be 0.7%pa on nominated balances above A$1 million.

Find out more about the Australian Government Deposit Guarantee Scheme

Download

• Terms and Conditions (PDF 76kB)
• Application Form (PDF 84kB)
• Direct Debit Request Form (PDF 96kB)

Find out more about the impact of international events on markets by downloading our Current Global Markets 25 November 2008 fact sheet (PDF 48kB)

For more information about the global financial environment, watch ANZ's Chief Economist Saul Eslake discussing his views on the current financial markets situation and how this may affect Australia.

• For window users, view Saul Eslake video in WMV format(WMV 7.84MB)
• For all other users, view Saul Eslake video in MPEG format(MPEG 25.3MB)
• View transcript of Saul Eslake video(PDF 25kB).

This was written to provide you with information about the Australian Government deposits guarantee.

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