Skipton Guernsey customers benefit from full rate rise

In keeping with its commitment to provide attractive savings rates for its customers, Skipton Guernsey Limited (SGL) has responded to the recent rise in the Bank of England base rate and passed on the full benefit to its customers with a 0.25% increase across the range of its simplified range of variable rate investment products, effective from 1 June 2007.

Now customers can benefit from rates of up to 5.75% gross pa/AER on its Sterling Access Plus account, up to 5.25% gross pa/AER on its Sterling Access account, up to 5.50% gross pa/AER on its Sterling Thirty account and up to 5.75% gross pa/AER on its Sterling Sixty account.

Ken Jones, Manager – Investments, SGL comments, “We are able to react quickly to market conditions and base rate changes and have passed on the full benefit of the last two Bank of England base rate changes to our customers. This consistency and transparency of approach is reflected in our simplified range of investment products, which offer excellent value for money.”

Sterling Access provides easy access to funds with interest paid annually on 31 January or 30 April. The minimum opening balance is £10,000.

Sterling Access Plus allows four free easy access withdrawals per calendar year, i.e. 14 October to 13 October, with subsequent withdrawals resulting in an administration charge of £25. Interest is paid annually on 14 October and the minimum opening balance is £25,000.

Sterling Thirty is a 30 day notice account, with the option to have easy access to funds, although you will lose 30 days’ interest on the sum you take out if full notice is not given. Interest is paid annually on 18 June and the minimum opening balance is £10,000.

Sterling Sixty is a 60 day notice account, with the option to have easy access to funds, although you will lose 60 days’ interest on the sum you take out if full notice is not given. Interest is paid annually on 14 October and the minimum opening balance is £25,000.

The new rates apply from 1 June 2007.