Bank Of Scotland Launches New Savings Accounts

by Carla Johnson, Investors Offshore, London

06 March 2007

Bank of Scotland International, based in the Isle of Man and Jersey, has launched two new offshore savings accounts, the Halifax International Guaranteed Reserve Account and the Halifax International Guaranteed Saver.

The Halifax International Guaranteed Reserve Account has a minimum opening balance of GBP10,000 and a maximum investment balance of GBP1m. The account has a tiered interest rate structure, which is fixed across a six month, one year, two year or three year term.

For 6-month deposits, annual gross interest rates (AER) range up to 5.42% for amounts below GBP50,000, and 5.47% for higher amounts.

For one year or 2-year deposits, rates range up to 5.9%, and for 3 years up to 5.95%.

Interest is paid monthly or upon the annual anniversary of the one, two and three year term account. For the six month term interest is paid on maturity. The interest payment is credited to an account nominated by the customer at the outset.

The Halifax International Guaranteed Saver Account is available in Sterling, US Dollars or Euros. The account has a minimum opening balance of GBP25,000, or €35,000 or US$50,000 and a maximum investment balance of GBP1m, or €1.4m or US$2m.

The account has a tiered interest rate structure with a top rate of 5.25% gross p.a (3.5% for euros). The account guarantees to pay base rate up to the first anniversary of the account. After the first year, the account will pay base rate minus 0.20%.

Interest is paid annually and, for the Sterling account, is credited directly to the account or another account nominated by the customer. In the case of the Euro and US Dollar account, interest can be credited to the account or paid away to an account held with Bank of Scotland International. There is no notice required for withdrawals and an unlimited number of foreign exchange transactions can be made each year. In addition, four withdrawals in the same currency as the account can be made each year, without lost interest.

Tony Wilcox, Managing Director at Bank of Scotland International, says: "The Halifax International Guaranteed Reserve and the Halifax International Guaranteed Saver accounts provide a very competitive interest rate for offshore savers seeking an attractive return."

The Halifax International Guaranteed Reserve Account replaces the International Fixed Rate Account. Existing customers of the International Fixed Rate Account are unaffected.

Bank of Scotland International offers a range of services to suit the needs of customers all over the globe. This includes everything from offshore banking and savings accounts, offshore mortgages and financial planning.

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