Skipton Launches International Bonus Account

by Phillip Morton, Investors Offshore.com

01 October 2009

Skipton International Limited, the new Guernsey bank created on September 28, 2009, following the amalgamation of Skipton Guernsey and Scarborough Channel Islands, has launched a new fixed return account paying 3.00% gross/AER on deposits of over GBP100,000. The interest rate is guaranteed until October 31, 2010.

According to the bank, during the first year, the International Bonus Account pays interest on a tiered basis, ie. the larger the deposit the higher the interest rate received. During the first year of the account’s life, deposits from GBP50,000 to GBP99,000 will receive 2.90% gross/AER, whilst those with a minimum opening account balance of GBP10,000 to GBP49,999 will receive 2.75% gross/AER, with rates again guaranteed until the end of October 2010. The account is designed for private investors with new funds.

From November 1, 2010, the International Bonus Account will offer a guaranteed minimum of Bank of England Base Rate plus 1%, with interest rates adjusted on the first day of the month following any Base Rate changes. From November 1, 2011, the interest rate for all balances will be a guaranteed minimum of Bank of England Base Rate. Finally, from November 1, 2012, the account will revert to a fully variable rate structure. The International Bonus Account is a limited offer product, which will be withdrawn when fully subscribed.

With no notice required and no penalties for withdrawals, the account offers high levels of transparency. Interest is payable annually and can be added to the account balance or paid away to another account.

Commenting on the new Skipton International Bonus Account, Commercial Director Jim Coupe said: “This account is designed for customers looking for an excellent return from a recognised specialist in the offshore savings market. Customer service and ease of account operation are at the core of our business philosophy, so each time the interest rate on this and all our accounts changes, we will write to all of our customers individually, so they know where they stand.”

Skipton International Ltd offers a range of sterling, euro and US dollar accounts and is part of Skipton Building Society, the fifth largest in the UK with over GBP15bn assets.

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