SCIL launches ‘best buy’ notice account paying 6.55% p.a. AER

Press release published on 10 October 2007 by Scarborough Building Society

Scarborough Channel Islands Limited (SCIL) is today launching a highly competitive new savings account combining penalty-free access with a medium term rate guarantee.

The Offshore Flexi-120 Direct account offers an annual interest rate of 6.55% p.a. AER (6.30% p.a./6.49% AER monthly) variable, and is guaranteed to exceed Bank of England Base Rate until 31 December 2008.

The minimum initial investment is £5,000, up to a maximum of £1 million per customer. Unusually for a notice account, one withdrawal of up to £5,000 is allowed per calendar month, without notice or loss of interest, providing that 50% of the original balance is maintained.

Further withdrawals or closure are subject to 120 days notice, or immediately with the loss of 120 days gross interest.

Commenting on the product, Tony Burdin, Managing Director of SCIL, said: ‘With Offshore Flexi-120 Direct, and the range of other competitive accounts we have brought to market recently, SCIL is keeping its promise to offer innovative savings products to meet the changing needs of today’s customers.

'With uncertainty surrounding future interest rates, this latest account is designed to give savers the peace of mind of knowing that their rate of return will remain competitive.

‘This, combined with penalty-free access to a portion of the funds makes Offshore Flexi-120 a very attractive proposition.’

Offshore 90 must be opened with new funds, using the form available from SCIL’s website. However, prospective investors without Internet access may telephone for a postal application form.

Further details are available by visiting www.scarboroughci.com or, for those without internet access, by calling the friendly Guernsey based customer service team on 01481 712004.

Product Specifications – Offshore Flexi-120 Direct

• Online self-service account
• Interest rate
• Annual interest rate – 6.55% AER variable, guaranteed to exceed Bank of England Base rate until 31.12.08
• Monthly interest rate – 6.30% p.a. (6.49% AER) variable, guaranteed to exceed Bank of England Base Rate less 0.25% until 31.12.08
• Minimum investment - £5,000
• Maximum investment - £1 million per customer
• Withdrawals – one per calendar month up to £5,000, without notice or loss of interest, providing 50% of the original balance is maintained
• Minimum withdrawal - £1,000
• Further withdrawals can be made, penalty free, by giving 120 days notice, or immediately with the loss of 120 days gross interest on the amount withdrawn
• Additional deposits are allowed while issue remains open

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