Questions of the Week – Mantra and banking guarantees

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Question 1.

I currently have a large amount of cash in the one bank (BOQ) and wonder how seriously I should take the maximum bank guarantee of $250,000. Should I ensure no more than $250,000 is in any one bank and open new accounts at several banks? When I’ve asked the question to the bank, they have said that if our banks fail you will have more important things to worry about.

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