Australian Commonwealth Bank

Magzimillion · 16 September 2008 at 10:54AM

Hi

I am moving to Australia and my partner has over 30.000 in the Commonwealth bank, does anyone know how much of our money is safe, is it like the UK and you only get 30,000 back and loose the rest? Should we spread the money?

I am quite worried as I'm sure other people are but if anyone could be of assistance I would be very grateful.

Regards
M
x:money:

pressuredrop_2 · 16 September 2008 at 11:10AM

Hmm, no deposit insurance scheme in Australia. Yet.

Magzimillion · 16 September 2008 at 11:23AM

So whatever money we have will be lost if the bank goes under?

pressuredrop_2 · 16 September 2008 at 11:34AM

In theory, yes.

My brief search reveals that the Australian government are pushing for a A$20,000 limit deposit insurance scheme.

Magzimillion · 16 September 2008 at 11:37AM

What a load of balls! Do you have any advice on any other options?

Thanks by the way.
x

pressuredrop_2 · 16 September 2008 at 11:51AM

Magzimillion wrote: »

Do you have any advice on any other options?

'Fraid not.

Australian Commonwealth Bank

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