Most Cash Management Account transactions can be completed via the telephone. Funds can be deposited in, or withdrawn from your Account if notification is received by noon on any business day.
Withdrawals can be credited to your nominated bank account (including overseas bank accounts), paid by cheque, or credited to your Craigs Investment Partners Ltd account.
Withholding tax payments will be automatically credited to the Inland Revenue Department at the appropriate rate. Under current legislation investors are required to provide their IRD number and to elect their rate of taxation, being 19.5%, 33% or 39%. Investors who fail to notify the Company of their requirements will have Resident Withholding Tax deducted at 39%. Overseas investors should discuss the alternatives with their advisor.
Craigs Investment Partners Cash Management Trust Limited (“the company”) provides investors with competitive interest rates for deposits in New Zealand dollars and selected foreign currencies.
Within your Cash Management Account you can have immediate access to your funds by having the deposits on-call or you may select term deposits for periods of up to one year for a fixed rate of return.
The scheme guarantees deposits made by retail investors with certain types of financial institutions.
The Crown guarantee will, subject to its terms, cover all existing and new debt securities (including deposits) held by New Zealand tax residents or New Zealand citizens for the period from 25 November 2008 until 12 October 2010.
Craigs Investment Partners Cash Management Trust Limited was approved under the Retail Deposit Guarantee Scheme on Tuesday 25th November 2008.
For further detail visit our Crown Deposit Guarantee page.
The minimum deposit to open and maintain an on-call Cash Management Account for each currency is:
| NZ$500 |
| US$500 |
| AU$500 |
| GBP500 |
| EURO500 |
The minimum term deposits for each currency are:
| NZ$5,000 |
| US$20,000 |
| AU$20,000 |
| GBP20,000 |
| EURO20,000 |
The key factors that will determine your return will be the interest rate that you agree to invest your money at, the amount of principal you invest, the term of your investment, and any tax deductions.
You can withdraw part or all of the on-call deposits at any time. Term deposits will be paid on maturity. Should you wish to close your Cash Management Account you must notify Craigs Investment Partners Cash Management Trust Limited in writing.