Scarborough launches outstanding offshore fixed rate bond

Scarborough Channel Islands Limited (SCIL) is establishing a reputation as a provider of market-leading offshore accounts after just one month of trading.

Scarborough Building Society’s new offshore subsidiary, SCIL has today launched a limited edition 1 Year Fixed Interest Bond paying 6.12%.

The bond is available with a minimum investment of £5,000 and a maximum investment of £1,000,000 per customer.

Interest can be taken either annually (on maturity of the bond), at a rate of 6.12%, or monthly, at 5.95%. No withdrawals or deposits are permitted after opening.

Robin Litten, of SCIL, said: ‘Since launching SCIL in April, we’ve made clear our intentions to further develop our already successful business by seeking opportunities to enhance our product and service offering for the benefit of both new and existing customers.

‘This one-year bond is a further signal of our intent to reward our existing customers and give potential new ones a flavour of the kind of outstanding offers they can look forward to from us in the future.’

SCIL’s launch of the 1-Year Bond follows its announcement of a market-leading Guaranteed Equity Account at the end of April.

That account can be opened with a deposit of £5,000-plus, up to a maximum investment of £1 million. Spanning a five-year term, it blends the enhanced growth opportunities offered by the stock market with the security of a guaranteed 100% return on capital, and features include a 100% capital guarantee plus 125% of any growth in the FTSE 100 index; extra interest for early investors and an early investment bonus

Anyone wishing to find out more about these and other SCIL products can do so by accessing the SCIL website at scarboroughci.com.

In April, SCIL – which has a geographically diverse deposit book of circa £600 million and approximately 6,000 customers – joined the Scarborough Building Society Group’s integrated suite of subsidiary businesses.