Scarborough Channel Islands launches new products

Scarborough Channel Islands Limited, the Guernsey based subsidiary of UK based Scarborough Building Society, has announced a trio of changes to its offshore deposit account range.

A new issue of its popular limited edition Offshore Reserve account has been launched, offering savers the best of both worlds – variable interest rates of up to 6.40% gross AER and the flexibility of up to four penalty-free withdrawals per year.

At the same time, the St Peter Port based bank has re-launched its 6 Month Rollover Bonds, which now offer fixed rates up to 6.20% and, unusually for a fixed rate account, partial penalty-free access prior to maturity.

Finally, the features of SCIL’s Lifestyle Fifty-Plus account, which is available exclusively to investors aged 50 and above, have been enhanced with the addition of a deferred interest option – where interest is capitalised when the customer chooses to close the account – thereby offering potential tax planning benefits.

SCIL Managing Director Tony Burdin said: ‘In the current financial climate, when many savers are looking for a safe home for their cash, SCIL is offering a range of simple products that combine security, flexibility and competitive rates.’

Tony continued: ‘SCIL is a wholly-owned subsidiary of a financially strong, top 20 UK building society, which has no exposure to markets outside of the UK and funds all of its lending from retail savings. Our customers, therefore, can be confident that their money is in safe hands’.

Prospective investors can obtain full details of Scarborough’s offshore accounts by visiting scarboroughci.com.