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19 July 2010 - Savings for your future: Why Notice Accounts are Important
A notice account is at the heart of the typical savings account offering. The idea behind it is simple - if the customer is prepared to give up a certain amount of flexibility of access to their funds, the bank will respond in kind by offering higher interest rates on your savings.
Historically, there were practical reasons behind this, as notice accounts gave banks and building societies an important tool to enable them to control the overall liquidity of the funding they took in from savers. With most banks and savings organisations now having access to the wholesale money markets, this need has largely declined, but the tradition of offering higher interest rates on notice accounts remains. Indeed, if asked, many customers do still automatically assume that all notice accounts will always offer higher interest rates.
Notice accounts traditionally allow people to save for large and important purchases in the future, such as a new car or a deposit on a future home ? because the saver has decided he or she does not need to access funds so frequently, the interest rate will be higher so savings will grow more quickly. Notice accounts therefore give savers an added dimension where there is not a need to dip into funds on a day to day basis, so are ideal for those who can plan ahead.
Skipton International has one of the most comprehensive range of easy access and notice accounts available from any Guernsey savings organisation. Offering customers the choice between 120, 90 and 40 day notice and two choices of easy access account, savers can earn up to 2.50% gross p.a./AER, depending upon the balance invested. Tiered interest rates ensure higher balances are eligible for higher interest rates, whilst monthly income options allow those wishing to boost income a range of choices too.
Commenting on the appeal of notice accounts available at Skipton International, managing director Jim Coupe said, "As well as our easy access accounts, we now offer savers a range of notice account options including 40, 90 and 120 days. For all savers, this gives a wide range of choices around which they can plan how they structure their short and longer terms savings strategies."
Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with over £14 billion assets.
For more information on Skipton International savings products call +44 (0) 1481 727374.
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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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