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Small business get deposit boost

SMALL businesses have a chance to improve the returns on their business deposit funds.

Challenge Bank has increased interest rates until 10 March on its term deposit and cash management accounts.

The cash management account now earns 4.77 per cent interest. Term deposits earn 6.25 per cent on a twelve month term.

Challenge Bank head of marketing Melissa Reynolds said the rate sale was designed to make small business customers’ money “work really hard for them”.

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