Skipton International Wins Another Award for its Sterling Notice Deposit Accounts

ST PETER PORT, Guernsey, February 8, 2012 /PRNewswire/ --

Skipton International Limited has won a coveted "Commendation" for its portfolio of Guernsey based sterling deposit accounts from the specialist expatriate magazine Nexus. The award is based on independent Moneyfacts.co.uk data and is one of the few to look at the consistency of performance of an account, as opposed to being based on a snapshot of interest rates available on a particular date. To win the award, Nexus calculated the number of times Skipton International notice accounts such as its current International Select 180 and 120 accounts had appeared each week within their own "Best Buy" tables, which are based on information supplied by Moneyfacts.co.uk.

Skipton International has won awards for both its business and personal deposit accounts from independent industry analysts Moneyfacts.co.uk for the past two years.

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 4^th 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.

- 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
+44(0)7980-241-558
E-mail: [email protected]    

SOURCE Skipton International