Multi Currency Deposit Account
        Japan Residential Property Loan
        
Australian Government Deposit Guarantee by the Australian Government
On 12 October 2008 the Australian Government announced plans to guarantee all money on deposit made at Authorised Deposit-taking Institutions (ADIs) regulated by the Australian Prudential Regulation Authority (APRA), including the Commonwealth Bank of Australia.

All money on deposit with the Commonwealth Bank is Federal Government Guaranteed free of charge up until 28 November 2008. After that date, the Government has applied the following conditions:

If your total deposits with the Bank are less than AUD 1 million or its equivalent, they will continue to be covered by the Federal Government Deposit Guarantee at no charge.

If your total deposits are more than AUD 1 million or its equivalent, you can eopt inf for the additional funds to be covered by the Federal Government Deposit Guarantee. This is subject to a government charge currently equal to 0.70% p.a. (charged monthly) on the average deposit balance exceeding AUD 1 million or its equivalent.

The AUD 1 million or its equivalent threshold applies to individual (legal entity) depositors. So if you have AUD 1 million or its equivalent on deposit in your own name, and a further AUD 1 million or its equivalent in a partnership, then each of these deposits will continue to be guaranteed at no charge.

If you are a customer with deposit balances of greater than AUD 1 million or its equivalent, you have the choice to eopt-inf to the guarantee by paying the Federal Government Deposit Guarantee fee.

However, before making the decision as to whether you should take up this option and pay the government charge, you should consider that the strength and security of the Commonwealth Bank is unparalleled in Australia with a AA rating by the major ratings agencies, the most highly awarded deposit products through Cannex, and being named Money Magazinefs Bank of the Year for 2008, so it is highly unlikely that any of our customers will ever need to utilise the Federal Government Deposit Guarantee.
©Copyright Commonwealth Bank of Australia 2008 ABN 48 123 123 124. All rights reserved.
Access to and use of this site is governed by Australian Law and by terms and conditions.
Please click on the Disclaimer link to read them and also view our Important Customer Information.