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ANZ - How secure is my money?

Discussion in 'Finance & Banking' started by barryjm, 15th Apr, 2008.

  1. barryjm

    barryjm New Member

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    I'm saving for a house deposit and have about $40,000 in a V2 Plus cash account with ANZ. I'm getting a bit worried about how secure this money is given all the financial turmoil ANZ seem to be in. Could this bank crash?
    Can anyone advise on where is the best and safest place to have cash these days?
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    I would think the "Big 4" (CBA, NAB, ANZ, WBC) or even the Big 5 (SGB) would be pretty safe. Bendigo/Adelaide, and Bankwest are generally seen as good businesses as well I think.

    Obviously we can't know what their internal situation is like - if they've done anything stupid or anything, but the big 4 especially generally pretty conservative - even ANZ.

    A couple of good articles in the smh:

    How safe is it? - Money - Business - Home - smh.com.au

    Banks smile at cash deposits - Money - Business - Home - smh.com.au

    FYI: RaboBank have a good high interest savings account - http://www.invested.com.au/products/#Savings Accounts

    I'd personally be happy to hold my cash with any of the major banks in Australia - but if you are ultra paranoid, perhaps spread the cash across two or three institutions just in case ?
     
  3. Billv

    Billv Getting there

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    Barry

    ANZ could suffer some losses but I don't believe that it will go bust.

    Banking in Oz is basically an oligopoly with little or no government interference and as such IMHO it's a licence to print money.

    It's almost unimaginable that any of them will go under.
    If we had a serious problem with a particular bank, it's share value will collapse so the other banks will come to the rescue and buy it out for a fraction of it's value.

    Anyway, if you continue to be worried you can always move your money to another bank and doing it early is probably a good thing because if everyone simultaneously decided to move away from ANZ there won't be enough cash to go around.

    Cheers
     
  4. barryjm

    barryjm New Member

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    Thanks guys. Thats really useful. I have been looking at Rabobank and might transfer some there just to spread the risk.
    And yes should do it soon as I reckon there could be a run on ANZ with them being in the press every day.
     
  5. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    I'm not sure how you come to the conclusion that there could be a run on the ANZ ?

    As far as I'm aware they are still a very sound financial institution, Are there specific questions that have been raised about the bank's ability to stay afloat? Can you point to any evidence that the bank might collapse?
     
  6. barryjm

    barryjm New Member

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    No I can't. Look I'm no expert on this so perhaps am just being too negative.
    It's very reassuring to hear that you and BV think that things probably aren't that bad. Cheers
     
  7. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    I think that may be the case ... although it does pay to be cautious!

    I was hoping you didn't have any real evidence - because if ANZ did go under, it would be a very very bad thing for all of us :eek:
     
  8. Gonzo

    Gonzo Well-Known Member

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    I think if the economy got so bad that ANZ went under, there wouldn;t be too many places to put your money that you'ld feel safe with. Start clearing space out from under your bed.