Skipton International Launches new 2 Year Bond Paying 3.25% AER

ST PETER PORT, Guernsey, April 6, 2010 /PRNewswire/ -- Skipton International Limited - website http://www.skiptoninternational.com - has launched a second edition of its popular two year fixed rate sterling account paying 3.25% gross/AER per annum.

With a minimum deposit of just GBP10,000 and all balances earning the same high rate of return, the account is expected to be very popular, so is being offered on a strictly first come first served basis and the Bond will be withdrawn as soon as it has reached its allocation. Full details of the account are available on the Skipton International website at http://www.skiptoninternational.com/savings/productDetails/2yearInternational Bond.aspx

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

Interest will be paid annually on 31 May 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can be capitalised or paid away to an account of the customer's choice, but additional funds cannot be added or withdrawn during the two year term.

Commenting on the new Bond, Commercial Director Jim Coupe said, "We are witnessing continued and strong demand for shorter term fixed rate savings accounts which give savers a known return, backed by the security of a major local savings specialist. Our latest Skipton International 2 Year Bond offers a combination of an attractive interest rates, long term stability and access to your savings in just 24 months time."

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 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 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: [email protected]

SOURCE Skipton International