ST PETER PORT, Guernsey, February 15, 2010 /PRNewswire/ -- Skipton International Limited - website http://www.skiptoninternational.com - the specialist Guernsey based savings and mortgages organisation, has launched a new fixed rate sterling account paying 3.50% gross per annum.

With a minimum deposit of just GBP10,000 and all balances earning the same high rate of return, the new Skipton International 2 Year Bond will appeal to a broad range of savers. As a result, the maximum balance allowed per customer has been set at GBP1,000,000, but larger sums may be accepted, subject to negotiation. This is a strictly limited offer account and once opened, additional funds cannot be added or withdrawn during the two year term. Full details of the account are available on the Skipton International website at http://www.skiptoninternational.com/savings/productDetails/ 2yearInternationalBond.aspx

(Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field. Remove the space if one exists.)

Interest will be paid annually on 31 March 2011 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.

Commenting on the new Bond, Commercial Director Jim Coupe said, "The new Skipton International 2 Year Bond offers a combination of an attractive interest rate which is fixed, so savers will know exactly how much they will receive on the two interest payment dates. We have designed the account to run over two years, as we believe this will offer a good balance between long term stability and ease of access to funds in the future."

At the end of the two year term the account reverts to a variable rate no notice structure. 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 GBP15 billion of assets.

    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 GBP15 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 its 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 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

    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 http://www.skipton.co.uk.

    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

    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

SOURCE Skipton International Limited

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