New 180 Day Business Account Launched by Skipton International, Other Rates Raised

News provided by

Skipton International

18 Dec, 2011, 14:29 GMT

ST PETER PORT, Guernsey, December 18, 2011 /PRNewswire/ --

Skipton International has added a business 180 day notice account, the International Business 180, to its portfolio of business deposit products. At the same time, the Bank has lifted rates across the board on its other 120, 80 and 40 day notice and easy access sterling business deposit products.

The new 180 day account offers tiered rates of interest, so larger deposits will earn higher rates of return on the whole balance. Deposits of over £100,000 will earn a variable annual rate of 2.75% gross/AER or 2.50% gross for monthly interest (2.53%AER). For balances between £10,000 and £99,999, the annual interest rate will be 2.50% gross/AER or 2.25% for monthly interest (2.27% AER).

Meanwhile, returns of up to 2.50% gross/AER are available for business customers opting for the 120 day notice option, 2.25% gross/AER for an 80 day notice period and 2.00% gross/AER with 40 days' notice.

With its strong focus on service, Skipton International offers business customers a dedicated contact point at their Guernsey office to ensure smooth and fast account opening, with customers guided through a short and straightforward new account process. Once opened, dedicated contacts are available to ensure the smooth running of all business accounts.

Commenting on the new International Business 180 day account, managing director Jim Coupe said, "Our new International Business 180 meets a need in the market for a higher interest rate allied to a slightly longer deposit commitment. In designing this product, we have sought to bring to the corporate market the same high standards of transparency that we are known for in the domestic savings market in Guernsey."

Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with over £14 billion assets.

For more information on Skipton International savings products, visit http://www.skiptoninternational.com or call +44(0)1481-727374

Editor's notes:

  1. AER stands for Annual Equivalent Rate and illustrates what the rate would be if interest was paid and added each year.
  2. Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society (SBS), the UK's 4th largest building society with nearly £14 billion assets.
  3. SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended.
  4. 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.
  5. 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:

Website:   http://www.dcs.gg
Telephone: +44 (0) 1481 722756
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.

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