Retirement Savings Income Boost Announced by Skipton International
25 Apr, 2012, 05:44 ET
ST PETER PORT, Guernsey, April 25, 2012 /PRNewswire/ --
- New fixed rate savings accounts launched
- 1 and 2 year options
- Enhanced monthly income features
Skipton International has relaunched its popular 1 and 2 Year International Reserve Bonds with an enhanced interest rate structure, particularly the monthly interest options. These are sure to appeal to those who are looking for ways to improve monthly incomes and retirement income.
Offering guaranteed interest rates over periods of one and two years, the bonds offer an innovative way for savers to lock into competitive monthly income rates of up to 3.60% AER or 3.54% gross monthly. According to independent industry comparison website Moneyfacts.co.uk, this interest rate would make the Skipton International accounts a clear best buy.
Both bonds have a minimum deposit of just £10,000 and are offered on a strictly first come first served basis. Bonds will be withdrawn as soon as it they have reached their funding limit.
Annually, the 2 year International Reserve Bond will pay 3.60% gross AER, the 1 year Bond 3.30% gross AER. Monthly interest rates are 3.54% gross/3.60% AER on the 2 year product and 3.25% gross, 3.30% gross AER on the one year account.
Annual interest will be paid on 31 May, with monthly interest paid out on the last working day of each month. Interest can be capitalised or paid away to an account of the customer's choice, but additional funds cannot be added or withdrawn one a bond has been opened. Upon maturity, customers have 14 days to make further deposits, withdraw funds or close the account before it will rollover into a new bond. Full details of the accounts are available on the Skipton International website savings page.
Commenting on this new opportunity to lock into a better monthly income, Managing Director Jim Coupe said, "UK Base Rate remains at its historic low, so we have acted again to improve interest rates for the many who rely upon their savings to provide a boost in income in retirement or just a welcome top up to their normal salary. Our 1 and 2 year bonds offer both guaranteed rates and the option of a monthly income facility at an enhanced interest rate which we are sure will be popular with those feeling the pinch at the moment."
Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with nearly £14 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 £14 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 £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. 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
Further information and a leaflet about the Scheme is available at:
Post: P.O. Box 380, St Peter Port, GY1 3FY
Guy Stephenson/Jennifer Duffy
E-mail: [email protected]
SOURCE Skipton International
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