✨ Public Trust Interest Rates Notice
3 JUNE 2004
NEW ZEALAND GAZETTE, No. 64
1537
"investment deposit" means a deposit held at call or
otherwise as an investment under section 51 of the Act;
"protection deposit" means a deposit, held at call, of
tuition, boarding, accommodation or other fees by or
on behalf of a student enrolled at a private training
establishment within the meaning of Part 18 of the
Education Act 1989;
"special deposit" means a deposit held other than at call
on behalf of the Crown, or any local authority within the
meaning of the Local Government Act 1974;
"trust deposit" means a deposit (not being an agency
deposit, an investment deposit, a protection deposit or a
special deposit) held on trust:
(i) for persons not of full age or capacity; or
(ii) for beneficiaries not entitled to payment at call; or
(iii) otherwise than at call.
(2) Expressions defined in the Act have the same meaning in
this notice as they do in the Act.
- Rates of Common Fund interest—(1) The rate of
Common Fund interest on deposits (other than investment
deposits repayable at the end of a fixed term or protection
deposits) shall be that specified in Schedule 1 for the
appropriate type of deposits.
(2) The rate of Common Fund interest on each protection
deposit associated with a particular private training
establishment shall be that specified in Schedule 2 for the
appropriate dollar range of the total of those deposits.
(3) The rate of Common Fund interest payable on
investment deposits repayable at the end of a fixed term
shall be that specified in Schedule 3 for the appropriate
interest payment frequency, term and dollar range.
(4) Despite subparagraph (1), the rate of Common Fund
interest payable on deposits made pursuant to an enactment
shall be the rate (if any) specified in the enactment.
(5) Despite subparagraphs (1), (2) and (3), in particular
cases or classes of case, Public Trust and the depositor may
agree on a rate of interest payable on investment deposits,
protection deposits or special deposits that is different from
the rate specified in Schedules 1, 2 or 3 and the agreed rate
then applies.\n
4. Revocation of notice and transitional provisions—
(1) The Public Trust Common Fund Interest Rates Notice
20 May 2004 is revoked.
(2) The rates of interest specified in Schedules 1 and 2 to
this notice do not apply to any period that ends with
27 May 2004 but otherwise operate as from 28 May 2004.
(3) The rates of interest specified in Schedule 3 to this
notice:
(i) do not apply to investment deposits repayable at the
end of a fixed term that commenced prior to
28 May 2004; but
(ii) do apply to investment deposits repayable at the
end of a fixed term that commenced on or after
28 May 2004.
Schedule 1
Rates of interest payable on deposits (other than
investment deposits repayable at the end of fixed term
or protection deposits)
| Type of Deposit | % p.a. |
|---|---|
| Agency deposits | 3.75 |
| Call deposits | 2.25 |
| Investment deposits at call | 3.75 |
| Special deposits | 5.05 |
| Trust deposits | 3.50 |
Schedule 2
Rates of interest payable on each protection deposit
associated with a particular private training establishment
| Total deposits | % p.a. |
|---|---|
| Total deposits do not exceed $350,000 | 3.50 |
| Total deposits in range $350,001 to $1,750,000 | 3.90 |
| Total deposits exceed $1,750,000 | 4.30 |
Schedule 3
Rates of interest payable on investment deposits repayable
at the end of a fixed term
Interest payable on maturity
| Term | $5,000-$9,999 | $10,000-$49,999 | $50,000-$249,999 | $250,000+ |
|---|---|---|---|---|
| 3 mths | 4.80 | 5.10 | 5.10 | 5.10 |
| 6 mths | 5.00 | 5.40 | 5.40 | 5.40 |
| 9 mths | 5.00 | 5.25 | 5.30 | 5.40 |
| 1 yr | 5.00 | 5.50 | 5.70 | 5.75 |
| 18 mths | 4.80 | 5.60 | 5.60 | 5.60 |
| 24 mths | 5.20 | 5.70 | 5.70 | 5.70 |
| 30 mths | 5.20 | 5.75 | 5.75 | 5.75 |
| 36 mths | 5.20 | 5.80 | 5.80 | 5.80 |
| 4 yrs | 5.25 | 5.65 | 5.70 | 5.75 |
| 5 yrs | 5.30 | 5.70 | 5.75 | 5.80 |
Interest payable monthly
| Term | $20,000-$49,999 | $50,000-$249,999 | $250,000+ |
|---|---|---|---|
| 6 mths | 5.05 | 5.14 | 5.14 |
| 9 mths | 5.06 | 5.31 | 5.31 |
| 1 yr | 5.13 | 5.37 | 5.37 |
| 18 mths | 5.27 | 5.27 | 5.37 |
| 24 mths | 5.46 | 5.46 | 5.46 |
| 30 mths | 5.46 | 5.46 | 5.46 |
| 36 mths | 5.51 | 5.51 | 5.51 |
| 4 yrs | 5.46 | 5.46 | 5.46 |
| 5 yrs | 5.56 | 5.56 | 5.56 |
Interest payable quarterly
| Term | $20,000-$49,999 | $50,000-$249,999 | $250,000+ |
|---|---|---|---|
| 6 mths | 5.07 | 5.17 | 5.17 |
| 9 mths | 5.09 | 5.33 | 5.33 |
| 1 yr | 5.15 | 5.39 | 5.39 |
| 18 mths | 5.29 | 5.29 | 5.39 |
| 24 mths | 5.49 | 5.49 | 5.49 |
| 30 mths | 5.49 | 5.49 | 5.49 |
| 36 mths | 5.53 | 5.53 | 5.53 |
| 4 yrs | 5.49 | 5.49 | 5.49 |
| 5 yrs | 5.58 | 5.58 | 5.58 |
Dated at Wellington this 28th day of May 2004.
PAT WAITE, Chief Executive, Public Trust.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 64
Gazette.govt.nz —
NZ Gazette 2004, No 64
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💰 Public Trust Common Fund Interest Rates Notice
💰 Finance & Revenue28 May 2004
Public Trust, Common Fund, Interest Rates, Deposits, Finance
- PAT WAITE, Chief Executive, Public Trust