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IOM Bank Increases Rates On E-Account

by Carla Johnson, Investors, London

10 October 2007

Isle of Man savings bank Alliance & Leicester International Limited (ALIL) has increased the rate on its e-Saver Offshore Issue 1 account to 6.51% pa gross/AER.

Unlike many other offshore savings providers, says ALIL, its eSaver Offshore is the only offshore savings account to offer a true online application process without the need for a 'wet' signature and was designed to enable customers to both buy and manage their accounts online in return for a great rate of interest on their offshore savings. The process eliminates the need for excessive paperwork by using ALIL's internet banking service to provide secure, online, 2-way communication instead.

Simon Hull, Managing Director of Alliance & Leicester International commented: "Our eSaver Offshore account has already proved to be immensely popular with the expat community. The typical application process for offshore savings accounts can take weeks, however, with our unique online application process there's no need to print, sign and post forms around the world, so a customer's account can be up and running within just a few days. This, coupled with the increase in interest rate means that we continue to offer the best offshore savings deal on the market."

The features of the account, include:

  • An interest rate of 6.51% gross AER;
  • Instant access, Sterling on both joint and single accounts;
  • Interest payable annually;
  • Minimum balance GBP1,000;
  • Maximum of GBP1 million;
  • Available to both new and existing ALIL customers, but accounts must be opened with funds not already deposited with ALIL;
  • Accounts managed online using MyBankOffshore, ALIL's Internet Banking Service;
  • No paper statements provided, instead, an up to date transaction history can be viewed online;
  • Deposits and withdrawals completed electronically for speed and security;
  • Online application process.

For more information on ALIl's eSaver Offshore account or to apply online visit

According to a recent study from ALIL, almost a third of expatriates move overseas to land the jobs they want, and the expatriate community is becoming more diverse than ever,. Almost half (40%) are relocating to destinations such as the Middle East, Australia and the USA to further their careers. More recently, expatriate communities as far as Africa, Singapore, Thailand and Russia have been growing.

Even though workers are relocating to more diverse locations, their lifestyle choices and financial habits remain similar. The research revealed that today's expat has lived abroad for between one and five years (46%) yet over two thirds (70%) do not set up an offshore savings account immediately they relocate. And despite relocating in a bid to further their careers and earn better wages, expats are failing to save their hard earned cash in the best way.

Simon Hull comments: "Although in today's diverse society there is no such thing as a 'typical' expat, people consistently fail to open an offshore savings account when moving abroad. With reliable internet access now widely available in most countries, expat workers can safely and easily find the best ways to save their wages."

Almost three quarters (70%) of expatriates use the internet on a daily basis, as being distanced from the UK they are reliant on it to keep in touch with family and friends, monitor the news, and manage their finances. With 40% of expats surfing for up to an hour a day they can easily email friends, catch up with current events, and save their wages in one stress-free sitting, regardless of where they are in the world.

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