Only one bank has opted to absorb the fee payable to the Australian government for the guarantee on deposits of more than $1 million for the time being.Macquarie Bank will absorb the fee on term deposits and on a new cash management account product being launched over the weekend.This will apply until Macquarie changes its mind; perhaps when their liability profile meets an undisclosed management goal.Investors in Macquarie's established cash management trust, will, however, in practice pay the guarantee fee, albeit subsidised by the trust.The Macquarie CMT will invest only in wholesale securities that carry the government guarantee. The trust will invest in double AA rated and also A rated securities of guaranteed issuers and will itself have to pay the insurance fee of 70 basis points on AA rated paper and 100 basis points on A rated paper.Macquarie will deduct only 70 basis points from the yield payable to investors.Some banks, such as Suncorp, will also cover the guarantee fee for customers who took out term deposits between 12 October and 28 November.Suncorp's position going forward is a little unclear, advising in an email that it will "look at introducing a fee in the new year on at-call deposits and it will be competitive with the majors".Customers can opt in and pay the fee or choose not to guarantee their deposits and therefore there would be no fee.Investec Bank (Australia) will absorb the insurance fee until the maturity of the deposit or 1 March 2009, whichever is earlier.