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deposit rates

SCF registers new prospectus

South Canterbury Finance (SCF) has registered a new prospectus for the issue of debenture stocks and deposits and set some new rates.

Tuesday, 20 October 2009

Deposits are now being accepted for securities with a range of maturities.

Investors will be able earn a yield of up to 8% annually with the benefit of the Crown guarantee under the government's retail deposit guarantee scheme in respect of debenture stock and deposits that mature, or otherwise become payable on or before 11 October 2010.

South Canterbury Finance chairman Allan Hubbard says the company also intends applying to participate in the extended deposit guarantee scheme announced by the government on 22 August 2009. 

"We have had to attend to a number of matters in recent weeks which caused delays in the registration of the prospectus.  We very much appreciate the patience of our loyal investors and customers and look forward to their continued support," Hubbard says.

Further announcements will be made as SCF evolves its restructuring and recapitalisation plans, Hubbard says.

South Canterbury is offering a special rate of 8% for deposits maturing on November 11, 2010.

Its other rates are:

  • 3 months   4.50%
  • 6 months   6.00%
  • 1 year       7.50%
  • 2 years      8.00%
  • 3, 4 and 5 years 8.50%

It is offering an additional 0.50% to people who reinvest their money with the firm.

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