New investment tiers and rates are now available on Sterling Access, Sterling Access Plus, Sterling Thirty and Sterling Sixty Accounts, as well as on the Sterling Island Ninety Account, available for both Guernsey residents and offshore savers.

Ken Jones, Manager – Investments, SGL commented:

“We have taken the opportunity, following December’s 0.25% rate reduction in UK base rate, to restructure and further simplify our savings product range to offer the best value possible for our customers. Now the first tier break is GBP100,000 across our whole range."

He continued: "This has, in some cases, lessened the impact of the 0.25% rate reduction. The restructuring is part of our commitment to offering attractive rates and products to our customers. Now they can benefit from a rate of 6.25% gross pa/AER on all balances over GBP100,000 with our Sterling Island Ninety Account. Our popular Sterling Access Plus Account pays 5.55% gross pa/AER on all balances from £GBP5,000 - GBP99,999 and 5.75% gross pa/AER for balances of GBP100,000 or more.”

SGL’s Sterling Thirty Account is now paying 5.25% gross pa/AER on balances from GBP10,000 - GBP100,000 and 5.50% gross pa/AER on balances over GBP100,000. Sterling Sixty Account is now paying 5.60% gross p.a./AER on balances from GBP10,000 - GBP99,999 and 5.75% gross pa/AER on balances over GBP100,000.

Sterling Access Account is now paying 5.00% gross pa/AER on balances from GBP10,000 - GBP99,999 and 5.25% gross pa/AER on balances over GBP100,000.

SGL has kept the GBP10,000 minimum opening balance for its Sterling Island Ninety, Sterling Thirty and Sterling Access accounts, with a GBP25,000 minimum opening balance for its Sterling Sixty and Sterling Access Plus accounts.

The new rates have been in place since 9 January, 2008.