Skipton Re-Launches Offshore Savings Products

by Carla Johnson, Investors Offshore.com

03 April 2006

Skipton Guernsey Limited (SGL), a wholly owned subsidiary of Skipton Building Society, has launched a simplified range of investment products designed to benefit all savers, regardless of residency status.

The new SGL variable investment product range consists of four products – Sterling Access Account, Sterling Access Plus Account, Sterling Thirty Account and Sterling Sixty Account – replacing the previous range of seven products, with effect from 31 March 2006.

Ken Jones, Manager – Investments, SGL comments, “It made sense to simplify our product offering from seven investment accounts to four. We know that our customers will benefit from our new range, allowing them to mix and match easy access and notice products within their portfolio.”

Sterling Access provides easy access to funds with interest paid annually on 31 January or 30 April. The new minimum opening balance is GBP10,000.

Sterling Access Plus allows four easy access withdrawals per calendar year, with subsequent withdrawals resulting in an administration charge of GBP25. Interest is paid annually on 14 October and the minimum opening balance is GBP25,000. The account will pay 4.75% Gross p.a./AER on balances of GBP1 million or more.

Sterling Thirty Account is a 30 day notice account, with the option to have easy access to funds, subject to a 30 day interest penalty. Interest is paid annually on 18 June and the minimum opening balance is GBP10,000.

Sterling Sixty Account is a 60 day notice account, with the option to have easy access to funds, subject to a 60 day interest penalty. The account will pay 4.55% Gross p.a./AER on balances from GBP25,000 and up to 4.75% Gross p.a./AER for larger balances. Interest is paid annually on 14 October and the minimum opening balance is GBP25,000.

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