4.50% AER on offer
Skipton International, formed at the end of September this year following the amalgamation of Skipton Guernsey and Scarborough Channel Islands has launched a new range of fixed interest bonds targeting income portfolios.
The new accounts complement Skipton International's fast growing product portfolio to add an extra dimension for income seekers needing medium and longer term fixed rate accounts. Skipton International's own research has identified this to be particularly important sector for retirees generally and expatriate retirees in particular.
Available over either three or five years, the bonds offer both a monthly and annual income structure. The five year bond pays 4.40% gross monthly (4.49% AER) or 4.50% gross/AER as an annual interest option. The three year bond pays 3.70% gross monthly (3.76% AER) or 3.80% gross/AER annually.
With a minimum investment of just £10,000 and a top limit of £5,000,000, the accounts will appeal to a wide range of savers. The facility to be able to pay interest to a separate account, such as a customer's current account, will also add an important layer of flexibility.
Commenting on the launch of the two new accounts, Skipton International Commercial Director Jim Coupe said, "With Bank of England Base Rate still at an all time low, we have acted to create two new accounts to help a very important sector of the community, those using their savings to top up income. With the possibility to earn up to 4.50% or 3.80 gross /AER, depending upon the term chosen, this is a rate which is fixed and so cannot change over the life of the account. Our new fixed rate accounts offer both certainty in an uncertain market and an attractive return."
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.