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I have over $1 million and want to stay with the Commonwealth Bank but do not want to pay for a Government Guarantee. What options do I have?

April 26, 2017commonwealth bank government guarantee Options pay stay

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I have over $1 million and want to stay with the Commonwealth Bank but do not want to pay for a Government Guarantee. What options do I have?

1 Answer

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10 Posted

A. The Government Guarantee applies per legal entity in each authorised deposit-taking institution. This means that each legal entity with funds equal to or less than $1m held in the same authorised deposit-taking institution will be covered under the Financial Claims Scheme free of charge.