St Peter Port, Guernsey, 09 March 2010
A new one year bond has been launched by Skipton International offering customers a fixed interest rate return over twelve months.
Annual interest is paid by the International Reserve Bond on 30 April 2011 on maturity of the Bond, with a monthly interest option also being available paying a fixed rate of 2.30% monthly, 2.32% AER, on the 15th of each month. On maturity, customers will be offered the opportunity to deposit additional funds and take advantage of a new fixed rate bond, or the account can be closed and funds withdrawn.
With a minimum deposit of £10,000, the Bond has been structured to offer customers maximum flexibility. Interest can be added to the opening balance, paid away to a separate bank account or paid to a savings account with Skipton International. The maximum deposit is £5 million. No access to funds is allowed once the account is open.
Commenting on the new issue of the International Reserve Bond, Skipton international commercial director Jim Coupe said, “Our customer feedback tells us that there is a strong demand for short term guaranteed interest rates, particularly against the background of continuing low Bank of England Base Rate. This account pays an attractive fixed rate of interest and will be particularly suited to customers using their savings for income purposes.”
Skipton International Ltd offers a range of sterling, euro and US dollar accounts and is part of Skipton Building Society, the fourth largest in the UK with over £15 billion assets.
For more information on Skipton International savings products, visit 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: jenny@nacelle.co.uk
Editor’s notes:
1. Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society (SBS), the UK’s 4th largest building society with over £15 billion assets.
2. SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended.
3. 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 it own assets and whilst SIL remains a subsidiary of Skipton Building Society.
4. 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: www.dcs.gg
Telephone: +44 (0) 1481 722756
Post:
5. Deposits made with SIL are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000.
6. SIL places funds with SBS and thus its financial standing is linked to SBS. Publicly available information, including reports and accounts, is available from www.skipton.co.uk.
7. Copies of the latest SIL audited accounts are available on request.
