ST PETER PORT, Guernsey, January 16, 2012 /PRNewswire/ --
Skipton International has announced the introduction of new 40- and 80-day notice accounts, the International Select 40 and 80 accounts and at the same time withdrawn its Premium 40 and 90 products. Its 120-day notice account has also been replaced with the identical International Select 120 day account. Skipton International also offers their International Select 180 account paying up to 2.75% gross/AER interest.
The changes are designed to bring balance and clarity to their offshore savings accounts, three of which currently feature as "Best Buys" within various Moneyfacts "Best Buy" tables for both expatriate and local Channel Islands savers.
The changes mean that savers who are looking to increase the return on their investments do not have to commit to such a long notice period to access higher interest rates. Previously, those trading up from a 40 day notice period had to select a 90 day notice as the next step up, a jump of 50 days. The new International Select 80 account means this gap is now a more manageable 40 days.
Skipton International Ltd offers a range of sterling offshore deposit accounts and is part of Skipton Building Society, the fourth largest in the UK with over £14 billion 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 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:
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