ST PETER PORT, Guernsey, June 22, 2011 /PRNewswire/ --
- New 2 year offshore fixed rate sterling bond
- Earn 3.25% AER
- Limited edition, will be withdrawn when allocation complete
Skipton International Limited has launched a seventh edition of its popular two year fixed rate sterling account paying 3.25% gross/AER per annum.
With a minimum deposit of just £10,000 and all balances earning the same high rate of return, the account is expected to be very popular. It is being offered on a strictly first come first served basis and the Bond will be withdrawn as soon as it has reached its funding limit.
Interest will be paid annually on 30 June, with the first payment being made on 30 June 2012 and again a year later upon maturity of the account. Interest can be capitalised or paid away to an account of the customer's choice, but additional funds cannot be added or withdrawn during the two year term. At the end of the two year term the account reverts to a variable rate no notice structure. Full details of the account are available on the Skipton International website savings page.
Commenting on the new Bond, Managing Director Jim Coupe said, "With interest rate forecasts proving difficult to judge at present, we believe the offer of an attractive, guaranteed interest rate of 3.25% AER over two years will provide savers with stability, certainty and also a good basis for creating a supplementary income stream. Our latest Skipton International 2 Year Bond offers payment of interest annually and access to your savings in just 24 months time."
Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with over £14 billion of assets.
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 4[th]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.
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
SOURCE Skipton International