At Foodstuffs South Island, our depositors are investors who are vital to the success of our organisation. We're making some changes you should know about.
An At-Call Deposit account is a bank account for investment funds that offers the advantages of both a savings and a checking account.
At Foodstuffs South Island, we let our trading members, staff, and other third parties who have a close association with our organisation (like banks) deposit money with us. We don't usually take deposits from the general public.
The money you deposit with us is held safely while it earns interest and is available to you when you need it. We use it for day-to-day operations and to invest back in the business.
At-Call Deposits are issued under a registered Product Disclosure Statement (PDS) that helps you understand the terms and conditions. The latest registered PDS is dated 8 June 2021.
Go to the New Zealand Companies Office Disclosure Register for a copy of the PDS and application forms for At-Call Deposits.
Interest rates on At-Call Deposits
At-Call Deposits are kept in accounts that earn interest. We calculate the interest daily and pay it out at the end of February each year.
- The current interest rate for depositors is 1.35% (reduced from 2.05%).
- The special interest rate for members, shareholders, and staff is 1.50% (reduced from 2.20%).
These new rates are effective from 1 April 2020. Please note that the drop of 0.70% follows the Reserve Bank's announcement on 16 March of a new low OCR due to COVID-19.
Withdrawing your money
At-Call Deposits don't have minimum or maximum terms, but you can't withdraw your money until 24 hours after we've received it. If you request a withdrawal by 2 pm on a working day, we can usually process it the same day.
Changes to the Trust Deed
A Trust Deed is an agreed set of rules we follow to hold and protect your money. We've made some changes that you can download below, along with a clean copy for easy reference:
- Trust Deed Full version 27 September 2019 (PDF | 475 KB)
- Trust Deed comparing existing and new 27 September 2019 (PDF | 938 KB)
- If you contacted us by email, acknowledge your email within 1 to 2 working days
- gather and evaluate information about your complaint
- respond to you within 20 working days.
If we cannot agree on how to resolve your issue, you can contact Financial Services Complaints Limited (FSCL). FSCL are an independent, not-for-profit, external dispute resolution scheme approved by the Minister of Consumer Affairs.
FSCL’s service does not cost you anything and they will help resolve the complaint.
You can contact FSCL: