BankWest backs savings account safety
Part of a three-pronged attack to keep the credit crisis from consumers’ doors, the scheme covers money stowed away in savings accounts in all accredited Australian deposit-taking institutions.
The bank said that the move would help to restore some confidence among Australians, many of whom may be feeling decidedly shaky after seeing banks around the world crumble and stock markets plunge.
“Consumers have been concerned about the security of their savings given the current economic climate and the guarantee from the Government gives them certainty in the short and medium term,” said BankWest’s Simon Walsh.
In addition to protecting savings accounts and term deposits, the government has also announced a $10.4 billion rebate package designed to ease the strain on Australians’ wallets and encourage them to start spending again.