Skipton International Extends Popular International Bonus Account
Skipton International Limited, the new Island bank created following the amalgamation of Skipton Guernsey and Scarborough Channel Islands, has launched a fourth issue of its popular International Bonus Account. Fixed rate of 3.00% gross/AER are paid on balances over £100,000 or 2.90% monthly gross (2.92% AER), with rates guaranteed up until 31 January 2011. No notice is required for withdrawals.
During the first year, the International Bonus Account pays interest on a tiered basis, so the bigger the deposit, the higher the interest rate received. Monthly income of 2.80% gross/AER is paid on deposits from £50,000 to £99,000 (annual 2.90% gross/AER), whilst those from the account opening minimum of £10,000 to £49,999 will receive 2.65% gross/AER (annual 2.75% gross/AER), with all rates again guaranteed until the end of January 2011. The account is designed for private investors with new funds.
From 01 February 2011, the International Bonus Account will offer a guaranteed minimum of Bank of England Base Rate plus 1%, with interest rates adjusted on the first day of the month following any Base Rate changes. From 01 February 2012 the interest rate for all balances will be a guaranteed minimum of Bank of England Base Rate, with rates again adjusted on the first day of the month following any Base Rate change. Finally, from 01 February 2013, the account reverts to a fully variable rate structure. The International Bonus Account is a limited offer product which will be withdrawn when fully subscribed.
Commenting on this latest offer, commercial director Jim Coupe said, "All previous issues of this account have sold out very quickly, so we are delighted to be able to extend what is obviously a very popular account for our customers. The addition of a monthly income feature has been particularly well received amongst those looking to boost income in retirement."
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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