Scarborough bond offers best of both worlds

Scarborough Channel Islands Limited (SCIL) is offering customers the chance to have their cake - and eat it, with its new 1 Year Guaranteed Bond.

For the product offers the combined benefits of a competitive, fixed interest rate and access to part of the funds during the product term.

The 1 Year Guaranteed Bond offers tiered interest rates of:

6.50% on £100,000 to £1,000,000 (6.30% for monthly interest)
6.40% on £25,000 to £99,999.99 (6.20% for monthly interest)
6.30% on £5,000 to £24,999.99 (6.10% for monthly interest).

The minimum investment for the bond is £5,000, with a maximum investment of £1,000,000 per customer.

One withdrawal is permitted during the fixed rate term, of up to 25% of the initial deposit.

No further deposits can be made, although additional bonds can be opened alongside the original investment.

SCIL Managing Director Tony Burdin said: ‘At SCIL, we believe in listening to our customers, and have created this product in response to feedback which suggested they value the security of guaranteed returns, but with the added bonus of being able to get access to part of their capital should they need it.

‘We believe this product reflects the stability and good value people expect from us as the subsidiary of an established UK building society, with a little added flexibility to boot.'

This is just the latest in a string of competitive and innovative products launched by the Scarborough Building Society subsidiary, based in St Peter Port, Guernsey, in recent months, to cater for the wide spectrum of customers as it establishes itself as a respected force in the offshore savings market.

Details of the 1 Year Guaranteed Bonds, together with an application form, can be obtained on-line from scarboroughci.com.