Bank Of Scotland Raises Offshore Interest Rates

by Carla Johnson

10 July 2007

Following last week's Bank of England base rate hike, Bank of Scotland International has increased the interest rates on the Sterling Halifax International Guaranteed Saver, Halifax International Extra Income Saver and the Flexible Plus Current Account, with immediate effect:

The Sterling Halifax International Guaranteed Saver now pays 6% for deposits over GBP50,000, while the Halifax International Extra Income Saver pays between 6.10% and 6.30% AER for deposits ranging from GBP25,000 to more than GBP250,000. The Flexible Plus Current Account pays 4.86% AER for balances over GBP5,000.

Last month Bank of Scotland International launched a new Five Year Sterling Capital Guaranteed Savings 'Bond 22', which guarantees customers' initial capital investment and gives them the opportunity to benefit from any growth or fall of the FTSE 100 Index.

At the end of the five years, customers will receive their initial investment back, along with 80% of the average percentage rate increase or decrease of the FTSE 100 Index, or a total return of 10% gross regardless of the FTSE performance, whichever is the greatest amount.

If the FTSE 100 Index increases customers will receive 80% of any growth. If the FTSE 100 Index decreases, customers will receive 80% of the decline as a positive return. For the purposes of calculating the 80% return, any fall in the Index will be treated as if it were a rise in the Index.

The minimum investment level is GBP10,000. The account was available from 6th June 2007 and the closing date for applications is 24th July 2007. The account will mature on 31st July 2012.

Tony Wilcox, Managing Director at Bank of Scotland International, says:

"Bond 22 is a risk-free investment which enables customers to benefit from the performance of the FTSE 100 Index, whilst guaranteeing their initial capital investment. Even if the index stays the same, customers will receive at least 100% of their original investment back along with the minimum return of 10%."

Bank of Scotland International offers a comprehensive range of banking and savings solutions worldwide from its offices in Jersey and the Isle of Man. Bank of Scotland International provides financial support to expatriates, international clients and the UK, Isle of Man and Channel Island communities.

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