Minster Noonan has announced that the ELG guarantee is to expire on 28 March 2013 for "new liabilities". Hence, certain deposits over 100k from 28 March 2013 will be not protected any more.
So much for the NCA and NTMA saying clearly on their websites that the ELG expires on 30 June 2013 !!
Term deposits opened prior to 28 March 2013 are covered for up to 5 years.
The advise resumes once again, that if you have deposits over 100k, then spread them over several banks.
I will wait until the NTMA/NCA update their websites, with the full details of the changes, before updating the best buys.
So much for the NCA and NTMA saying clearly on their websites that the ELG expires on 30 June 2013 !!
Term deposits opened prior to 28 March 2013 are covered for up to 5 years.
The advise resumes once again, that if you have deposits over 100k, then spread them over several banks.
I will wait until the NTMA/NCA update their websites, with the full details of the changes, before updating the best buys.