Macquarie extends federal guarantee to all retail bank deposits
Macquarie has confirmed all its retail bank deposit products will be covered by the Federal Government guarantee — regardless of the size of an investment.
The confirmation comes as the Federal Government prepares to release final details this week of its plan to provide a guarantee for retail cash deposit investments of under $1 million for three years from November 28.
Banking and financial services group head Peter Maher said the bank “will do what is required to ensure the deposits of retail bank investors are covered by the Federal Government guarantee at no extra cost and until further notice”.
“This gives clients protection for their cash deposits across a wide range of banking products, while still having access to market competitive rates,” he said.
Macquarie will also extend the guarantee to the underlying wholesale bank deposit of the Cash XL fund at no additional cost and until further notice.
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