GUERNSEY, ENGLAND, January 06, 2010
/24-7PressRelease/ -- Longer term savers are being rewarded with a top level of interest, for up to five years with Skipton International's new International Escalator Bond which offers a rising rate of interest over each year of the Bond's life.
Interest rates rise over the course of the account's life to reach a top annual rate of 6% AER or 5.90% gross monthly in the fifth year. During year four, savers will earn 5.00% AER with the annual interest option or 4.90% gross monthly, in year three the return is 4.00% AER or 3.90% gross monthly, whilst during year two, the account pays 3.00% AER or 2.90% gross monthly and 2.60% AER or 2.50% gross monthly in year one.
However, for those who may require the additional flexibility of earlier access to funds, the International Escalator Bond offers an opportunity each year for a penalty free withdrawal for 14 days after annual interest is paid out in January.
Created at the end of September this year following the amalgamation of Skipton Guernsey and Scarborough Channel Islands, Skipton International now has a savings account for everybody, with both monthly and annual income options available on a broad range of accounts. Customers can choose from immediate, easy access products to five year bonds.
With a minimum investment of GBP10,000 and an upper limit of GBP5 million, the account can cater for a broad range of customers. Annual interest is paid out on 06 January.
Introducing the new account, commercial director Jim Coupe said. "Many savers are worried about returns during this period of low UK Bank of England Base Rate. We have responded to this challenge again at Skipton International with the launch of our International Escalator Bond, an account which will pay up to 6% AER in its final year and offer the flexibility of a monthly income and penalty free access each year in January during a 14 day window."
Skipton International Ltd offers a range of sterling, euro and US dollar accounts and is part of Skipton Building Society, the fourth largest in the UK with over GBP15 billion assets.
For more information on Skipton International savings products, visit http://www.skiptoninternational.com or call +44 (0) 1481 727374
Editor's notes:
1. Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society, the UK's 4th largest building society with over GBP15 billion assets.
2. SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended and conducts business only in the Bailiwick of Guernsey, it is not authorised to accept deposits elsewhere.
3. Skipton Building Society has given an undertaking agreeing to discharge the liabilities of SIL in so far as SIL is unable to discharge them out of it own assets and whilst SIL remains a subsidiary of Skipton Building Society.
4. As a Licensed Bank in Guernsey, Skipton International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme (the "Scheme") established by The Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008 (the "Ordinance"). The following is a brief summary of the Scheme, but is not intended as a substitute for the actual wording of the Ordinance, a copy of which is available on request.
• The Scheme only applies to 'qualifying deposits', which broadly means deposits made by natural persons for their own benefit; with a few limited exceptions such as, for example, deposits made by trustees of retirement annuity trust schemes, the Scheme does not apply to companies, trusts, partnerships or charities.
• The Scheme will provide compensation in the event that a Licensed Bank is unable to repay its depositors. Under normal circumstances, payment will be made within 3 months of receipt of a valid claim form.
• Compensation is limited to a maximum of GBP50,000 per individual claimant; in the case of a joint account each depositor would be entitled.
• Total Scheme compensation in any five year period is limited to GBP100 million. If claims exceed this cap, compensation would be reduced pro rata. The cap also means that compensation in respect of any one bank cannot exceed GBP100 million.
• The amount payable may be reduced if the Bank has any contractual right of set-off against the account. The Scheme is entitled to recover compensation from any funds subsequently paid out by the Bank.
• Further information and a leaflet about the Scheme is available at:
Website: http://www.dcs.gg
Telephone: +44 (0) 1481 722756
Post: P.O. Box 380, St Peter Port, GY1 3FY
5. Deposits made with SIL are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000.
6. Copies of the latest audited accounts are available on request.
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