The Australian Government guarantees combined balances of $250,000 per account holder/entity per institution.
Which Investec accounts does the Government guarantee apply to?
The products currently covered by the Government Guarantee are: Call Accounts, Notice Accounts and Term Deposits
Are Term Deposits guaranteed?
Fixed Term deposits are covered by the Government Guarantee up to $250,000. For customers who have an existing term deposit as of 10 September 2011 they will continue to be covered at $1,000,000 per person per institution until 31 December 2012, or until the deposit matures, whichever occurs sooner.
If such a term deposit matured after 1 February 2012 and is rolled over, then the new $250,000 cap will apply from the rollover date.
What does the Australian Government Deposit Guarantee mean for single and joint accounts?
Single Account Holders
Combined balances up to $250,000 per account holder/entity are covered by the Australian Government. For example, if an account holder has a balance of $300,000 the first $250,000 will be guaranteed by the Government.
Joint Account Holders
Balances held in a joint account will be split equally among the individual account holders and combined with any other balances each account holder has with Investec. For example If a joint account has a balance of $500,000 with Investec, the whole balance is covered by the Government Guarantee as the ownership of the funds are split equally between each account holder.
Are Foreign currency accounts covered by the Guarrantee?
No. Only Australian Dollar accounts are covered by the Government Guarantee.