What happens when the Govt guarantee runs out

Can anyone advise me . I am being advised by my bank that if I have a large lump sum on deposit with them (in excess of 100,000) and that I have made the deal for a fixed term before the September deadline then the full sum will be guaranteed for the life of the deposit term?. Can anyone advise if this is correct or have the government not outlined the situation yet?

unfortunately i dont know how to highlight links but if you go to "its your money" which is part of national consumer agency...on their front page left hand side there is a box marked "top comment". press or whatever the word is "deposit protection" anad you will see all the data there. Provided your bank is eligble your advice seems correct

Yes, if you open the term deposit before December 31st 2010 and it is with one of the guaranteed banks then your deposit is state guaranteed.

Many thanks for your help..

Even though the bank guarantee scheme is running out the Deposit Protection Scheme has no "End" date so as long as you are with a participating bank you are covered by this scheme