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

Scarborough Channel Islands Limited (SCIL) is again reaching out to the so called ‘silver' savers with the launch of the latest version of the Lifestyle Fifty-Plus account; a competitive product aimed at the over-50s.

Following the success of its previous edition, the Lifestyle Fifty-Plus account now has an even better rate guarantee for 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 will pay annual interest of 6.20% variable, gross p.a. AER, (6.00%, gross p.a./6.17% AER for monthly interest), and guarantees to pay at least 1.00% above Bank of England Base Rate until 31 December 2009. From 1 January 2010, the rate becomes fully variable.

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. The account must be opened with new money to SCIL, although existing depositors can transfer funds internally providing they match the transfer with new funds.

Tony Burdin, Managing director of SCIL, said: ‘Following the success of the first edition of the Lifestyle Fifty Plus, we wanted to extend the account to even more savers who are planning their retirement, especially to those who live abroad now, or who are planning to in the future.

‘SCIL was the first offshore provider to offer an account of this type and we believe that the new edition of the Lifestyle Fifty Plus reaffirms our commitment to a long term good value proposition.'

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