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.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
