New Offshore Account Launched By Derbyshire

by Carla Johnson, Investors Offshore, London

17 January 2007

Derbyshire Offshore has launched a new Income 60 Tracker account, which it says offers a mix of high interest rates, easy access and the flexibility of a monthly interest option.

Fiona Passey, Director of Offshore Banking, Derbyshire Offshore comments, “We have already introduced a monthly interest option to our fixed rate Manx Bonds and we knew from customer research how useful our customers found this. So we decided to create a new account which had the benefits of our original and still very popular Base Rate Tracker account. This account set the standard for all future tracker accounts. So with these benefits, we added a monthly interest option paid to an account of the customer’s choice. This new Income 60 Tracker account will pay 5.40% Gross, giving customers a monthly rate equivalent to 5.54% annually (AER). What’s more we have added extra flexibility to this monthly interest payment option as customers can decide to take the interest or let it stay in their account and grow their balance – thus putting them in control of their money and definitely of interest to those who are retired and looking to boost their monthly income.”

The Income 60 Tracker has no interest rate tiers so customers will earn the same high rate of interest irrespective of the balance level. Plus access to money is made extra easy with one penalty free withdrawal every three months of up to 20% of their capital and accrued interest balance – just in case customers need funds for an emergency.

The account comes with a distinctive interest rate guarantee to give customers peace of mind. The Income 60 Tracker’s interest rate will follow, within a margin of plus or minus 0.25%, the Bank of England Base Rate, making the return to savers easy to follow and the account particularly attractive for those customers looking for transparency. The margin against the Bank of England Base Rate is guaranteed until 31 December 2008.

There is a minimum balance of GBP10,000 and a maximum balance of GBP2 milliion.

Derbyshire Offshore is the trading name of The Derbyshire (Isle of Man) Limited, which remains wholly owned by Derbyshire Building Society.

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