All the way to the top with a new Escalator Bond offering up to 6% AER from Skipton International
Longer term savers are being rewarded with a top level of interest, if they are happy to invest their savings for up to five years with Skipton International's new International Escalator Bond which offers a rising rate of interest over each year of the Bond's life.
Interest rates rise over the course of the account's life to reach a top annual rate of 6% AER or 5.90% gross monthly in the fifth year. During year four, savers will earn 5.00% AER with the annual interest option or 4.90% gross monthly, in year three the return is 4.00% AER or 3.90% gross monthly, whilst during year two, the account pays 3.00% AER or 2.90% gross monthly and 2.60% AER or 2.50% gross monthly in year one.
However, for those who may require the additional flexibility of earlier access to funds, the International Escalator Bond offers an opportunity each year for a penalty free withdrawal for 14 days after annual interest is paid out in January.
Created at the end of September this year following the amalgamation of Skipton Guernsey and Scarborough Channel Islands, Skipton International now has a savings account for everybody, with both monthly and annual income options available on a broad range of accounts. Customers can choose from immediate, easy access products to five year bonds.
With a minimum invest of £10,000 and an upper limit of £5 million, the account can cater for a broad range of customers. Annual interest is paid out on 06 January.
Introducing the new account, commercial director Jim Coupe said. "Many savers are worried about returns during this period of low UK Bank of England Base Rate. We have responded to this challenge again at Skipton International with the launch of our International Escalator Bond, an account which will pay up to 6% AER in its final year and offer the flexibility of a monthly income and penalty free access each year in January during a 14 day window."
Skipton International Ltd offers a range of sterling, euro and US dollar accounts and is part of Skipton Building Society, the fifth largest in the UK with over £15 billion assets.
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European Union Savings Tax Directive
Information for all EU Residents (including the UK)
This communication outlines the changes implemented, by the Government of Guernsey, on 1 January 2011, to the EU Savings Tax Directive ("The Directive").
Automatic Exchange of Information
If you are resident in the EU (including the UK) gross interest will be paid to you and be subject to an automatic exchange of information with The Guernsey Income Tax Authority. This report will detail your full name, postal address, account number/s, date of birth, place of birth, tax identification number (if known) and the amount of interest added to your account/s. Thereafter this will be forwarded to the tax authorities in your country of residence.
If you are deemed to be "non-domiciled" for tax purposes in your country of residence, we may be able to pay you gross interest without the need to submit an exchange of information report. To arrange this we require confirmation of your tax status, e.g. a letter issued by the tax authorities in your country of residence or accountants.
Non EU residents will continue to receive gross interest and it remains the responsibility of individual investors to disclose the interest earned on their accounts to the relevant tax authorities.
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