Skipton International adds Monthly Income to popular account

9th November 2009

Skipton International Limited, the new Island bank created following the amalgamation of Skipton Guernsey and Scarborough Channel Islands, has added a monthly income feature to its popular limited issue International Bonus Account which will be of particular interest to retired customers looking to boost income.

Monthly interest rates on balances over £100,000 are 2.90% gross/AER, whilst those preferring an annual income will receive 3.00% gross/AER. The interest rate is guaranteed until 30 November 2010.

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 November 2010. The account is designed for private investors with new funds.

From 01 December 2010, 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 December 2011 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 December 2012, 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 The International Bonus Account is a limited offer product which will be withdrawn when fully subscribed.

With no notice required and no penalties for withdrawals, the account offers high levels of flexibility. Commenting on the new monthly income feature, commercial director Jim Coupe said, "Monthly income from savings is a vital component for many of our retired customers who use their savings to top up pensions and other income. A fixed monthly return of 2.90% gross/AER will be an attractive addition to many households and we are expecting  a fast take up of this limited offer account, so potential customers are urged to act now and contact us today or visit our website for more information."

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.