6 and 12 Month Sterling Offshore Fixed Rate Bonds Re-Issued by Skipton International

Jun 03, 2010, 10:57 ET from Skipton International

ST PETER PORT, Guernsey, June 3, 2010 /PRNewswire/ --

- New 6 and 12 Month Offshore Sterling Bonds Paying 2.26% Gross AER or 2.40% Gross AER

- Fixed Rates of Interest

- Monthly Interest Options Available or Interest Paid on Maturity

Skipton International (http://www.skiptoninternational.com/) Limited is offering a new opportunity to invest in their popular 6 and 12 month sterling offshore fixed rate bonds. Both products also offer monthly interest. The 6 month bond (http://www.skiptoninternational.com/) pays 2.26% gross AER or 2.15% gross as a monthly income option, whilst a return of 2.40 gross AER or 2.30% gross monthly is available with the 12 month account (http://www.skiptoninternational.com/).

Maturity dates are 31 January 2011 for the 6 month account or 31 July 2011 for the 12 month variant. Both products are limited edition issues which will be withdrawn when fully subscribed, so savers are advised to move quickly. With a minimum deposit of GBP10,000, both Bonds have 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 (http://www.skiptoninternational.com/). The maximum deposit is GBP5 million, but no withdrawals are allowed during the fixed rate terms.

Jim Coupe, commercial director, Skipton International Limited, comments, "We are delighted to be able to extend these two offers. Both have been popular with customers, giving a known rate of return. With the backing of our parent, Skipton Building Society, the fourth largest in the UK, these accounts provides both safety and security, whatever happens in the markets."

To apply for an account or for more information, visit http://www.skiptoninternational.com or call +44(0)1481-727374

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 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 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 www.skipton.co.uk.

    7) Copies of the latest SIL audited accounts are available on request.

    Media contacts: Please contact:

    Guy Stephenson/Jennifer Duffy
    Nacelle Limited
    Tel: +44(0)20-8333-9125
    E-mail: jenny@nacelle.co.uk

SOURCE Skipton International