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Wednesday, 26 November 2008
National Australia Bank today confirmed it would offer customers the Government Guarantee on selected products should customers wish to guarantee funds over $1 million.
For customers who choose to use a guaranteed product, the funds will be guaranteed subject to a Government-imposed fee of 0.70%.
Existing customer funds in other NAB cash products will be guaranteed without any fees up to a $1 million cap.
Over the past 150 years, NAB has grown to become one of the world’s strongest, most successful and stable banks. NAB has a high capital ratio and combined with its AA credit rating and strict operational controls, NAB provides its customers’ investment with greater security. 1
Customers with deposits over $1 million should carefully evaluate whether or not to opt for access to the Government Guarantee, just as they would with any other investment or finance decision.
Should they choose to guarantee their funds, customers can open a specific guaranteed product. NAB’s product based approach to the Government Guarantee provides its customers with the choice and control to manage their own funds and the ability to part insure if they choose.
NAB is establishing capability to commence Government Guarantee products from Friday, 28 November 2008.
Background:
The Australian Government introduced the Guarantee to match moves by international governments and keep Australia's financial services system competitive. It was not because it believed an Australian bank was likely to fail.
Media contacts:
Yolande Hutchinson
NAB Corporate Affairs – Business & Private Banking
M: +61 (0) 409 656 136
Gillian Griffiths
NAB Corporate Affairs – Retail Banking
M: +61 (0) 419 667 783
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