ST PETER PORT, Guernsey, July 7, 2011 /PRNewswire/ --
- 120 day notice account with annual and monthly interest options
- Minimum balance £10,000, earn up to 2.50% gross/AER, 2.27% monthly AER on deposits of £100,000 plus
Skipton International, the Guernsey based savings and local mortgage specialist has launched a new 120 day notice account targeting both offshore individual savers and business deposit accounts with interest rates of up to 2.50% gross/AER. The International Premium 120 account offers two interest rate tiers, with balances from £10,000 to £99,999 earning 2.25% gross/AER and accounts with over £100,000 on deposit achieving the top interest rate of 2.50% gross/AER. Annual interest on both business and personal deposits is paid on 15 June.
Monthly income options are also available paying 2.00% gross monthly on balances up to £99,000 2.25% gross monthly on balances over £100,000. Monthly interest is paid on the 15th of each month.
Withdrawals for sums of £1000 or more are only permitted after 120 days' notice has been given. The minimum deposit is £10,000 and the maximum investment allowed is £5 million.
Commenting on the latest addition to the Skipton International product range, managing director Jim Coupe said, "As well as our easy access accounts, we now offer savers a range of notice account options including 40, 90 and 120 days. With its annual and monthly interest options, this account will appeal to savers who are prepared to commit their capital for slightly longer in exchange for higher return."
Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with over £14 billion assets.
- AER stands for Annual Equivalent Rate and illustrates what the rate would be if interest was paid and added each year.
- Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society (SBS), the UK's 4thlargest building society with nearly £14 billion assets.
- SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended.
- Skipton Building Society has given an undertaking agreeing to discharge the liabilities of SIL in so far as SIL is unable to discharge them out of its own assets and whilst SIL remains a subsidiary of Skipton Building Society.
- As a Licensed Bank in Guernsey, Skipton International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme (the "Scheme") established by The Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008 (the "Ordinance"). The following is a brief summary of the Scheme, but is not intended as a substitute for the actual wording of the Ordinance, a copy of which is available on request.
- The Scheme only applies to 'qualifying deposits', which broadly means deposits made by natural persons for
their own benefit; with a few limited exceptions such as, for example, deposits made by trustees of
retirement annuity trust schemes, the Scheme does not apply to companies, trusts, partnerships or charities.
- The Scheme will provide compensation in the event that a Licensed Bank is unable to repay its depositors.
Under normal circumstances, payment will be made within 3 months of receipt of a valid claim form.
- Compensation is limited to a maximum of £50,000 per individual claimant; in the case of a joint account
each depositor would be entitled.
- Total Scheme compensation in any five year period is limited to £100 million. If claims exceed this cap,
compensation would be reduced pro rata. The cap also means that compensation in respect of any one bank
cannot exceed £100 million.
- The amount payable may be reduced if the Bank has any contractual right of set-off against the account. The
Scheme is entitled to recover compensation from any funds subsequently paid out by the Bank.
- Further information and a leaflet about the Scheme is available at:
Post: P.O. Box 380, St Peter Port, GY1 3FY
6. Deposits made with SIL are not covered by the Financial Services Compensation Scheme established under the UK
Financial Services and Markets Act 2000.
7. SIL places funds with SBS and thus its financial standing is linked to SBS. Publicly available information,
including reports and accounts, is available from http://www.skipton.co.uk.
8. Copies of the latest SIL audited accounts are available on request.
For more information on Skipton International savings products, visit http://www.skiptoninternational.com or call +44(0)1481-727374
Media contacts: Please contact: Guy Stephenson/Jennifer Duffy, Nacelle Limited, Tel: +44(0)20-8333-9125, +44(0)7980-241-558, E-mail: firstname.lastname@example.org
SOURCE Skipton International