For Depositors
Important notice
As a depositor, you will have been advised Foodstuffs
South Island is seeking to change its financing arrangements. Below
are links to the new and amended Trust Deed governing the terms
upon which we hold your deposit.
We have provided a marked-up version so you can clearly
see all the proposed changes to the Trust Deed which have been
made. We have also provided a clean copy for your
reference.
At-Call Deposits
Foodstuffs
South Island Limited accepts At-Call Deposits from its trading
members and associated people. This money is deposited with us in
interest bearing accounts and is always available at-call. These
deposits are used across the co-operative to supplement long-term
funding provided by our members or other third parties (e.g.
trading banks) for working capital and infrastructure assets
investment.
The
deposits are issued under a registered Product Disclosure Statement
or "PDS" (latest registered PDS date 4 December 2019). This sets
out in detail the relevant terms and conditions. The PDS also set
out the process on how to register a complaint you may have with
either the offer or the investment of at-call deposits.
For
a copy of the PDS and the application form for At-Call Deposits go
to the New Zealand Companies Office.Disclosure Register.
Please note: While FSSI may take deposits from
members of the public, it is our policy to generally only open new
accounts for members, staff or other third parties who have a close
association with FSSI or its members. We do not, as a rule, take
deposits from the general public.
Withdrawing
your At-Call deposit
There
is no minimum or maximum term for deposits, however they may not be
redeemed sooner than 24 hours after acceptance of the deposit.
Requests for withdrawal received by 2pm will normally be accepted
and processed the same day.
Interest
rate on At-Call Deposits
The
At-Call Deposits are interest bearing, with interest calculated
daily and paid annually in arrears at the end of February each
year.
- The
current interest rate for depositors is now 1.35%
reduced from 2.05%.
- Special
interest rate for Members, Shareholders and Staff is now
1.50% reduced from 2.20%.
These
new rates are effective from 01 April 2020. The drop of 0.70%
follows the Reserve Bank's announcement on 16 March of a new low
OCR due to COVID-19.
If
you have any queries regarding the above, please contact
Foodstuffs
Securities
Freephone: 0800 688 887
