hey this is all a storm in a teacup I'm with Staz on this
"Have $100,000 deposit then bank pays government
$10 at 0.01%
at 0.05 % it would be $50."
the tax is .05 of 1% !!! ok so you have $100,000 1% of $100,000 is $1,000 0.05% of $1,000 = $50 So the levy is $50 on a $100,000 deposit I actually don't mind paying this levy. Banks do go broke. Remember Northern Rock in the UK during the GFC. People paniced, fearing they would lose their saving, there was a run on the bank. I would be happy to pay $50 to avoid having to deal with that. the insurance on a $1m would only be $500; $50 on $100,000; $5 on $10,000; 50c on $1000; 5c on $100... nothing for peace of mind
