Scarborough Channel Islands launches new savings bonds

Scarborough Channel Islands Limited (SCIL) is offering a suite of outstanding new savings bonds giving customers the flexibility to fix their rate for either six months, one or two years.

Interest rates for the new products from Scarborough Building Society’s Guernsey-based offshore subsidiary are:

6 Month Fixed Interest Bond – 6.10% (5.90% Monthly)
1 Year Fixed Interest Bond – 6.35% (6.15% Monthly)
2 Year Fixed Interest Bond – 6.40% (6.20% Monthly).

All of these products are available with a minimum opening balance of £5,000, up to a maximum of £1,000,000.

No withdrawals or deposits are permitted after opening and the above interest rates apply for the specified fixed period from account opening.

Mark Marsden, of SCIL, said: ‘Through these outstanding products, we are seeking to pass on the benefits of the current rising interest rate environment to our customers – coupled with the certainty of knowing what their returns will be for a set period of time.

‘They are also part of our ongoing intention to continually enhance and develop our products and service to ensure SCIL remains continues to offer some of the most attractive offshore deposit options around.’