New 90 Day Notice Account Launched by Skipton International Offers Premium Rates to Businesses and Personal Investors

Jun 14, 2010, 13:28 ET from Skipton International

ST PETER PORT, Guernsey, June 14, 2010 /PRNewswire/ --

- New 90 Day Notice Account Launched

- Sterling Offshore Deposit Product

- Minimum Balance GBP10,000, Earn up to 2.25% Gross/AER on Deposits of GBP100,000 Plus

Skipton International (http://www.skiptoninternational.com/), the Guernsey based savings and local mortgage specialist, has launched a new variable rate savings account targeting both offshore individual savers and business deposit accounts with interest rates of up to 2.25% gross/AER. The International Premium 90 ( http://www.skiptoninternational.com/savings/productDetails/internationalPremi um90.aspx ) account offers two interest rate tiers, with balances from GBP10,000 to GBP99,000 earning 2.00% gross/AER and accounts with over GBP100,000 on deposit achieving the top interest rate of 2.25% gross/AER. Annual interest on both business and personal deposits is paid on 1 June.

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Monthly income options are also available paying 1.80% gross monthly and 2.00% gross monthly across the two tiers. Monthly interest is paid on the 20th of each month.

Withdrawals for sums of GBP1,000 or more are only permitted after 90 days notice has been given. The minimum deposit is GBP10,000 and the maximum investment allowed is GBP5 million.

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 assets.

For more information on Skipton International savings products, visit http://www.skiptoninternational.com or call +44(0)1481-727374

    Editor's notes:

    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 over GBP15 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 it 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) 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.


    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