G I had a look at that link. Disappointing and worrying. Like yourself we will be bringing over house sale proceeds and am concerned with the current bank situation. Maybe the best bet would be to separate out the cash and invest it with a few banks. Spread the risk eh!!!

That is what I did in the UK a few months ago.

It is a lot of hassle though.

The other problem is that many banks, although they have different names, are part of one parent group.

The UK compensation scheme applies to the parent company and not each bank.

For example.....I did not know until I started enquiring, the Natwest is part of the Royal bank of Scotland. The Halifax is part of the Bank of Scotland and form HBOS etc.etc.

If you have money in two banks from the same group you would only be compensated once if the group went belly up.

This whole thing has not yet run it's course and could be a worldwide problem for many years.

G

Have you thought about Rabobank? They are a AAA bank. I was looking into them last night. Competitive rates aswell.

The Commonwealth Bank's Net Bank Saver pays 7% and that is for any amount and there are no restrictions to withdrawing your money. The only rule is you need to have one of thier streamline accounts(Need to transfer money from Streamline account to Net Bank Saver via Telephone banking or internet Banking) which cost either $4 or $6 depending on how you want to bank.
That works out at $1.91 per day approx for every $10000 you have in the account. Interest is paid monthly too. So in one month you would earn $57.30 approx minus $4 or $6 account keeping fee.
I know this is not the best rate, But at least your money will be safe, And you can get to it when you want.
Regards
Gary

Usually you get 6.8% on the whole amount. You do get some accounts like citybank where you have to keep a certain amount in a non or low interest account to get the good rate on the savings account.