New Guaranteed Return Account from Skipton International

Skipton International Limited, the new Guernsey bank created on 28 September 2009 following the amalgamation of Skipton Guernsey and Scarborough Channel Islands, has launched a new fixed return account paying 3.00% gross/AER on deposits of over £100,000. The interest rate is guaranteed until 31 October 2010.

During the first year, the International Bonus Account pays interest on a tiered basis, so the bigger the deposit, the higher the interest rate received. During the first year of the account’s life, deposits from £50,000 to £99,000 will received 2.90% gross/AER, whilst those from the account opening minimum of £10,000 to £49,999 will receive 2.75% gross/AER, with rates again guaranteed until the end of October 2010. The account is designed for private investors with new funds.

From 01 November 2010, the International Bonus Account will offer a guaranteed minimum of Bank of England Base Rate plus 1%, with interest rates adjusted on the first day of the month following any Base Rate changes. From 01 November 2011 the interest rate for all balances will be a guaranteed minimum of Bank of England Base Rate, with rates again adjusted on the first day of the month following any Base Rate change. Finally, from 01 November 2012, the account reverts to a fully variable rate structure. The International Bonus Account is a limited offer product which will be withdrawn when fully subscribed.

With no notice required and no penalties for withdrawals, the account offers high levels of transparency. Interest is payable annually and can be added to the account balance or paid away to another account.

Commenting on the new Skipton International Bonus Account, commercial director Jim Coupe said, “This account is designed for customers looking for an excellent return from a recognised specialist in the offshore savings market. Customer service and ease of account operation are at the core of our business philosophy, so each time the interest rate on this and all our accounts changes, we will write to all of our customers individually, so they know where they stand.”

Skipton International Ltd offers a range of sterling, euro and US dollar accounts and is part of Skipton Building Society, the fifth largest in the UK with over £15 billion assets.

For more information on Skipton International products, visit skiptoninternational.com.