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What does the $1m Australian Government Deposit Guarantee threshold mean for joint accounts?

April 26, 2017accounts Australian deposit government guarantee Joint mean threshold

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What does the $1m Australian Government Deposit Guarantee threshold mean for joint accounts?

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Balances held in a joint account will be split equally among the individual account holders and combined with any other balances each account holder has with ING DIRECT. For example: If an account holder has $1 million in an account held in a single account and $0.5 million in a joint account, then their combined balance will be $1.25 million.