Bank Protection??

[Guest Carkyde]

Hi

Can anyone advise ...

 

we are one of the lucky few (thank God) sold house 2 years ago and made decent profit and put money in savings. In the UK the banks protect up to £35k per financial institution, should there be a financial crisis, if we were to transfer savings to Aussie bank, do they guarantee similar amounts?

 

Or would it be better to leave in UK bank until we want to buy a property in Aus? Or would we pay stupid taxes on this?

 

Thanks C

[Andrew from Vista Financial]

Recently announced, some guarantee up to $20,000

 

Have a look:

 

http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2008/061.htm&pageID=003&min=wms&Year=&DocType=0

 

 

http://www.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2008/061.htm&pageID=003&min=wms&Year=&DocType=0

 

However, the regulations here in OZ for Banks and there reporting is very stringent.

 

Tax situation will depend on whether you are Perm or Res.

 

Also how long before you are looking to buy a house?

 

There is a FHOSA (First Home Owners Savings Account) being introduced in OCT this year and could be very beneficial to use.