Interest rates for Individual investors took a giant leap upward effective 1st July 2003 in a move to attract additional investment funds.

The Cash Management Account, two-year Target Savings and Education Savings Accounts all attract 3.5% p.a. interest which is calculated daily and paid annually or on maturity.

Term Investment rates were reviewed and short term investments in particular now pay substantially higher returns.

“The biggest win for investors is the Cash Management Account”, according to Damien Cairns, Business Development Manager. “Tiered rates have been eliminated so that investors can earn a high rate of return on even modest amounts. The only restriction is a minimum balance of $100. The advantages of no fees and charges combined with all electronic transactions on the Cash Management Account are hard to beat!” Damien added.

In approving the new rates, the CDF Board acknowledged that the Fund was built on the investment support of individual Catholic people. This support continues to be essential in meeting the ever increasing demand for loans.

“At the end of the day,” Damien added as if to summarise, “what means the most to people is that their families will directly benefit from the use of Catholic schools, hospitals, churches and retirement villages.”

In line with improved interest rates, “at call” depositors who have been receiving interest payments on 31st January or 31st March will now receive their payment annually on the 30th June.