ST PETER PORT, Guernsey, May 21, 2012 /PRNewswire/ --
- New 3 year offshore fixed rate sterling bond
- Earn 4.00% AER annually or monthly
- Limited edition, will be withdrawn when allocation complete
Skipton International Limited [http://www.skiptoninternational.com ] has aimed for the top with the launch of its new 3 Year International Reserve Bond [http://www.skiptoninternational.com/savings/productDetails/3yearInternationalReserve ] which pays savers an impressive 4% gross AER irrespective of whether annual or monthly interest is required. Recognising the particular needs of the retirement saver, Skipton International has moved to boost the income payable to monthly savers to ensure it matches that available via the bond's annual rate. The return of 4% is also comfortably ahead of both UK and Guernsey CPI inflation, giving savers a real post inflation uplift on savings.
With a minimum deposit of just GBP10,000 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 It is being offered on a strictly first come first served basis and the Bond will be withdrawn as soon as it has reached its funding limit.
The monthly income rate is 3.93% gross or 4.00% AER which is paid on the last banking day of each month.
Annual interest will be paid on 30 June, with the first payment being made on 30 June 2013 and again each year until maturity of the account in 2015. 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can be capitalised or paid away to an account of the customer's choice, but additional funds cannot be added or withdrawn during the three year term. At the end of its three year life, customers will be provided options to withdraw or transfer funds to another account, allow the deposit to roll into a new three year bond or make additional deposits. Full details of the account are available on the Skipton International website savings page [http://www.skiptoninternational.com/savings ].
Commenting on the new Bond, Managing Director Jim Coupe said, "We have moved to offer both monthly income customers and those seeking to protect and grow capital in a low risk environment a very attractive rate of return of 4.00 gross AER. This high interest rate is guaranteed every year for the three year life of the International Reserve Bond. Our latest Skipton International 3 Year Bond complements our extensive range of easy access and notice accounts, such that savers can now choose from easy access through 40, 80, 120 and 180 day notice options as well as from our one to three year term bonds."
Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with nearly GBP14 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 4th largest building society with nearly GBP14 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 GBP50,000 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 GBP100 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 GBP100 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. 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
Guy Stephenson/Jennifer Duffy