SCIL launches notice account paying 6.30% with rate guarantees

Scarborough Channel Islands Limited (SCIL) is launching a new limited issue offshore notice account, paying 6.30% Gross p.a./AER guaranteed, or Bank of England base rate, whichever is the higher, until 31 July 2008.

This latest, highly competitive account from Scarborough Building Society’s Guernsey based subsidiary uses a ‘self-service’ approach in order to minimise administration and pass on the savings to customers through a high rate of return.

And not only is its outstanding interest rate guaranteed – if the Bank of England Base Rate rises above 6.30%, so will the account’s interest rate.

To open one of these accounts, all investors have to do is read about the product on-line, complete an on-line application form, print it out and post it off along with their cheque.

The minimum opening balance is £5,000, and the maximum £1 million.

Withdrawals can be made, without penalty, with 90 days notice – or immediately, subject to 90 days loss of gross interest.

Robin Litten, of SCIL, said: ‘SCIL has clearly stated its intention to build on its success by introducing innovative, fantastic value new products – as well as further developing its service offering.

‘We believe this fantastic value new notice account does that by offering both an outstanding interest return, and a double rate guarantee which investors would struggle to find anywhere else.

‘In the current rising interest rate environment, we hope potential customers will appreciate the security of knowing they won’t get left behind even if the Bank of England Base Rate rises above the initial 6.30%.’