According to The Age's Bank Guarantee to be Withdrawn, deposits at the bank, including money in savings accounts and term deposits, will soon no longer be government guaranteed. I was thinking of opening up a Ubank account but after hearing of this maybe it's not a good idea because if the bank collapses then wouldn't it mean you money would be gone? If you put money in a term deposit or savings account in a bank and suffer from downside risk if the bank collapses, you may as well be exposed to upside risk as well by buying the bank's shares. Another idea to get government guarantee is to buy Commonwealth Treasury bonds, which are government guaranteed. Do you guys agree with my reasoning? Do you think it's a waste now to open up a Ubank account or put money in bank savings and term deposits?