Ever-Higher Offshore Interest Rates

by Carla Johnson, Investors Offshore, London

28 May 2007

Offshore firm Scarborough Channel Islands Limited (SCIL) is offering a high-interest Scarborough Offshore Bond at a rate of 6.30%, fixed for two years. The product is available with a minimum opening balance of GBP5,000, up to a maximum of GBP1m.

Interest can be taken either annually at a rate of 6.30%, or monthly at 6.10%. No withdrawals or deposits are permitted after opening.

Robin Litten, of SCIL, said: ‘This outstanding offer is a further signal of our intentions to build on the success of this offshore business by introducing fantastic value new products – as well as further developing its service offering. ‘We hope the new bond will appeal to investors looking to lock into a high guaranteed rate until 2009.’

In April, SCIL – which has a geographically diverse deposit book of circa GBP600 million and approximately 6,000 customers – joined the Scarborough Building Society Group’s integrated suite of subsidiary businesses.

Scarborough Channel Islands Limited is based in the Bailiwick of Guernsey and is the new offshore deposit-taking arm of the Scarborough Building Society Group. SCIL is a wholly owned subsidiary of Scarborough and is regulated by the Guernsey Financial Services Commission.

SCIL employs 11 people and will continue to operate largely as a standalone business, with support from the Scarborough Board.

Anyone wishing to find out more about this and other SCIL products can do so by accessing the SCIL website at www.scarboroughci.com.

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