Term deposit in australia. Is it safe?

The banks in Australia are giving great interest rate for term deposit nowadays. It almost frightening me. (i.e. suncorp offering 8.2% p.a for term deposit).

Is it safe to put my money in there? Does the Australian government give insurance for that? In the US, I think FDIC insured ur investment as long it%26#039;s not larger than $100.000. I%26#039;ve checked Australian Banking Act 1959, but couldn%26#039;t find any.

And is it also safe to put term deposit in some credit unions? Is it as safe as in the bank?

The financial environment nowadays are not looking too good, so I%26#039;m a bit worry.

Term deposit in australia. Is it safe?student loan consolidation

Banks in Australia are billion dollar a year plus profit industries backed up and controlled by the reserve bank .

the RB sets interest rates and determines the cost of money so and it is done very carefully and very thoroughly.

No dodgy US type mortgage/savings and loan scheme setups here mate!

With the Aussie dollar set to buy one US dollar within the next few months you will be on a winner

Dianna you are a total joke!! what is the basis for your statement apart from total ignorance and stupidity??

The US with its corrupt and dodgy mortgage schemes and its poor , no sorry ...very poor financial laws concerning corporate governance of other people s money has sent America into recession.( dont forget the smartest guys on the block Enron)

Dianna...expand on your views to the waiting world as to why corporate recession America is a better bet than the growing Australian economy , mining industry supported Australia with its multi billion contracts with China for iron ore , steel and sustainable wood pulp....we are all dying to hear your support for your wonderful insight and wisdom.

As for trailert ...wtf...you are one stupid bastard..ask for written guarantees!! WTF ,

Get your head out your arsse and into some Newspapers.. despite Americas controlled press the internet will show you that we dont have theany where the level of corporate malfeasance Americans are accustomed too... nay demand from their big business entities. d

We are waiting.....

Term deposit in australia. Is it safe?

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Just ask if it%26#039;s government insured get it in writing them call the Govt agency first, before you sign anything or hand over the money.The return sounds too good I%26#039;d be very careful.|||No its not|||The currently attractive term deposit rates should not frighten you because term deposit rates are mainly a factor of official interest rates which have been rising.

Large Australian financial institutions including credit unions are in good shape, so while there may be few guarantees in life, the system is functioning well.

http://www.therainmaker.net.au