Challenge competes for deposits

Press, 12 November 1977, Page 18

Challenge competes for deposits

I Challenge Finance, Ltd, I has increased interest rates lon deposits up to a maximum of 14 per cent p.a. i The new rates will apply |to all investments made from November 2, the company said. The banks, and other financial institutions had been privately quoting interest rates in excess of those being advertised, particularly for large deposits. “We consider that investors, who are guided by advertised interest rates,

should receive the same return as those who are aware that higher rates are being quoted and negotiated,” says the general manager (Mr J. T. F. Francis). The demand for the company’s services remained high, assets having increased 79 per cent in the last year, but the present rate of fundraising was inhibiting growth in the company’s important housing and home improvement sectors, and it was hoped that a greater investment inflow would heip restore activity in this area.