Skipton Guernsey Raises Rates Again

by Carla Johnson, Investors Offshore.com, London

27 July 2007

Offshore bank Skipton Guernsey Limited (SGL) has responded to the rise in the Bank of England base rate and passed on the full benefit to its customers with a 0.25% increase across its simplified range of variable rate investment products, effective from 1 August 2007.

Now customers can benefit from rates of up to 6.00% gross pa/AER on SGL's Sterling Access Plus account, up to 5.50% gross pa/AER on its Sterling Access account, up to 5.75% gross pa/AER on its Sterling Thirty account and up to 6.00% gross pa/AER on its Sterling Sixty account.

Ken Jones, Manager - Investments, SGL comments, "As the offshore subsidiary of Skipton Building Society, the seventh largest UK building society, we are committed to passing on the benefits of mutuality to our offshore clients. That is why we consistently offer attractive rates, understanding their need for reliable and competitive investment products. We are able to react quickly to base rate changes and market conditions to the benefit of our customers offering excellent value for money across the range of our products. As part of our commitment to customer service we keep our customers up-to-date and informed, writing to them with details of the changes to their accounts."

Ken Jones continues, "Whilst many commentators believe we might be nearing the peak of the current base rate cycle, inevitably when relatively disappointing general inflation news emerges, as was the case this week in the UK, the markets suspect that further rate rises may be possible. This is, of course, good news for savers and Skipton Guernsey clients."

Skipton Guernsey Limited (SGL) is a wholly owned subsidiary of Skipton Building Society. Deposits made with SGL are not covered by the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Skipton Building Society, established since 1853, has given an undertaking agreeing to discharge the liabilities of SGL in so far as SGL is unable to discharge them out of its own assets and whilst SGL remains a subsidiary of Skipton Building Society. SGL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended and conducts business only in Guernsey; it is not authorised to accept deposits elsewhere. Copies of the latest audited accounts are available on request. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

For further information on SGL's simplified investment product range visit www.skiptonguernsey.com or call +44 (0) 1481 727374.

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