SCIL launches offshore fifty-plus account paying up to 6.20%

Scarborough Channel Islands Limited (SCIL) is appealing to more so called ‘silver’ savers with the launch of a competitive new product for the over-50s.

Following the success of its Lifestyle-Sixty Plus account, SCIL is now extending the benefits of attractive rates of interest and easy access to younger customers.

The Lifestyle-Fifty Plus account is available to investors over the age of 50 (in the case of joint accounts, only one investor needs to be in the qualifying age bracket).

The account currently pays annual interest of 6.20%, gross p.a. AER, (6.00%, gross p.a./6.17% AER for monthly interest), which includes a variable rate premium above Bank of England Base Rate until 30 April, 2009.

The account can be opened with a minimum investment of £5,000 and withdrawals can be made without loss of interest at any time, subject to a minimum withdrawal limit of £1,000. Deposits are also accepted at any time, up to a maximum of £1m.

Tony Burdin, Managing director of SCIL, said he was keen to extend the good value represented by the Lifestyle-Sixty Plus account to more customers. ‘We were the first offshore provider to offer this type of targeted account and Lifestyle-Sixty Plus has proved so popular since its launch last year, we realised there was additional demand for this kind of good value account for people of a pre-retirement age.

‘What we’ve tried to achieve with Lifestyle-Fifty Plus is to extend this option to people who may be planning for their retirement, as well as those who may already have given up work.

‘The number of people in this age bracket who either live abroad now, or plan to in their retirement, is growing and we want ensure we are catering for their needs.’

Lifestyle-Fifty Plus can be opened by post and then operated by post, telephone, fax or e-mail. Details of the account, together with an application form, can be obtained on-line from scarboroughci.com.