Even the cash should be distributed into two or more banks. - Makes no difference and the so called government guarantee means Zero. Just make sure it's in one of the four pillars. If one of the four pillars goes, they all go, nationalisation is in the wind.
Back when Melbourne had a real crisis in the 1890's (it was much worse than today as there was no government cushion), a wealthy gentleman who's name escapes me, had his money spread though ~nine banks, they all went broke.
