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UK Offshore Rates Keep Going Up

by Carla Johnson, Investors Offshore, London

04 December 2006


Skipton Guernsey Limited (SGL) has responded to the recent rise in the UK base rate by increasing the rates available on its simplified range of investment products by 0.25%, effective from 1 December 2006.

With rates of up to 5.25% gross on its Sterling Access Plus account, 4.75% gross on its Sterling Access account, 5.00% gross on its Sterling Thirty and 5.25% gross on its Sterling Sixty, Skipton Guernsey says the new rates reflect its ability to react quickly to market conditions. All accounts are accessible to all clients, regardless of residency.

Ken Jones, Manager – Investments, SGL comments, “With our ability to react quickly to base rate changes and market conditions, we have been able to raise our rates in time for Christmas. This increase in rates is part of our commitment to customer service which is a core value for us.”

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

Sterling Access Plus allows four free 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.

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. Interest is paid annually on 14 October and the minimum opening balance is GBP25,000.

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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