Skipton Raises Offshore Interest Rates

by Carla Johnson, Investors Offshore, London

21 November 2006

Reacting quickly to the recent UK base rate rise, Skipton Guernsey Limited (SGL), the offshore subsidiary of Skipton Building Society, is now offering a new 2 Year Bond to new and existing clients, paying 5.15% until 30 November 2008 on balances between GBP25,000 and GBP500,000.

Skipton says that the new Bond (Issue 10) offers an attractive mix of a competitive fixed rate and medium term timeframe. The offer is limited and accounts will be opened on a ‘first come first served’ basis.

Ken Jones, Manager of Investments, Skipton Guernsey comments, “As the subsidiary of one of the UK’s top building societies we are able to react quickly to rate changes and go into the market to secure attractive fixed rates for our customers. Our new 2 Year Bond allows customers to benefit from a competitive fixed interest rate in an uncertain market. The Bond is an ideal home for customers wanting a safe and guaranteed return on their money and offers a good opportunity to lock into the current high savings rates.”

Skipton Guernsey offers a comprehensive portfolio of savings accounts which will appeal to savers requiring instant access, notice and fixed term accounts.

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.

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