BankWest welcomed the Australian Government's announcement on 12 October 2008 that Australians' deposits in Australian owned banks, locally incorporated subsidiaries of foreign banks, credit unions and building societies would be guaranteed.
The Australian Government's Financial Claims Scheme under the Banking Act covers combined amounts customers hold in BankWest deposits totalling up to $1million. Joint accounts are considered to be held in equal shares. Customers who have deposits of $1million or less with BankWest are covered by the free Government Guarantee and don't need to do anything.
The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding covers amounts in excess of $1million if they are held in accounts covered by the Large Deposits Guarantee.
From Monday 1 December, BankWest will have a number of Government Guaranteed products available for customers to choose from. Customers who would like to take advantage of the Government Guarantee for amounts over $1million will be offered a reduced interest rate on these deposits to cover the cost of the guarantee.
If you would like further information about BankWest's Government Guaranteed product offerings please contact the BankWest Business Online Sales Support Team on 1800 488 588 or the BankWest Retail Savings & Investment Team on 1300 889 976 or visit bankwest.com.au.
