Lifestyle Fifty-Plus
Effective from 1st April 2008
Up to 6.20% Gross p.a.*/AER Variable
Exclusively available for investors aged 50+
Our Lifestyle Fifty-Plus account is exclusively for investors aged 50 years and above (for joint accounts, only one investor must be aged 50 years plus).
This account offers a range of annual, monthly and deferred interest payment dates, which is ideal for people looking to plan their tax affairs.
Not one rate guarantee but two.
The Lifestyle Fifty-Plus account offers two rate guarantees. The annual interest is guaranteed to exceed Bank of England base rate (-0.20% monthly interest) by a variable rate premium until 30 April 2009. From 1 May 2009 the annual interest is guaranteed to track and match the Bank of England base rate (-0.20% monthly interest). From 1 May 2010 the annual and monthly rates are variable.
| Minimum Investment | Gross p.a. | AER |
|---|---|---|
| £5,000+ | 6.20% | 6.20% |
| Minimum Investment | Gross p.a. | AER |
|---|---|---|
| £5,000+ | 6.00% | 6.17% |
The annual interest is guaranteed to exceed Bank of England base rate (0.20% monthly interest) by a variable rate premium until 30 April 2009.
| Minimum Investment | Gross p.a. | AER |
|---|---|---|
| £5,000+ | 5.25% | 5.25% |
| Minimum Investment | Gross p.a. | AER |
|---|---|---|
| £5,000+ | 5.05% | 5.17% |
The annual and monthly interest rates paid from 1st May 2009 until 30 April 2010 are guaranteed to track and match the Bank of England base rate (-0.20% monthly interest). From 1 May 2010 the annual and monthly rates are variable.
- Exclusively for investors aged 50 years and above
- Two rate guarantees
- Easy access
- Minimum investment £5,000
- Maximum investment £1,000,000
- Interest paid annually, on 1 January, 30 April, or Monthly†
- Minimum withdrawal of £1,000 per withdrawal
- Deferred interest option ‡
- Interest calculated on a daily basis from the day following receipt
- Further deposits permitted
Please note that rates cannot be guaranteed until both the funds and application are received.
How do I open an account?
All you have to do is complete the online application form, print it off and send it to us along with a cheque or direct bank transfer. This account is strictly limited issue - apply now.
You should also read through our Customer Terms and Conditions.
Should you have any problems utilising the online application form, you may download and complete a PDF version of the form.
Should you prefer, you could complete our 'request an application pack' form, and you will be sent an application pack through the post.
Please send your completed application to:-
Scarborough Channel Islands Limited,
Suite 5 North,
Town Mills,
Rue du Pre,
St Peter Port,
Guernsey,
Channel Islands.
GY1 3TR
Cheques should be made payable to:
Scarborough Channel Islands Limited/Your Name
If the balance on your account falls below the minimum investment, the interest rate will be 0.50% gross p.a./AER*, your account may be closed, unless stated otherwise in the product description.
* Interest is paid gross. The gross rate is the contractual rate of interest payable before the payment of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Where interest is paid monthly, the AER is the rate which would be achieved if the interest was added to the account each month.
†Monthly interest paid on the first working day of the following month. Compounded or transferred monthly interest will be credited on the last day of the current month. Monthly interest can be compounded into the account or paid to your UK or Channel Islands bank account or another Scarborough Channel Islands account.
It is your responsibility to advise the appropriate tax authorities of any interest received. All rates are variable except the Fixed Interest Bonds. If no interest payment date is given on the application form, interest will be paid on 1 January.
The European Union Savings Tax Directive, effective 1 July 2005, applies to savings income earned on your account if you are a resident of an EU member state. You must elect how we are to deal with savings income from your account in the application form. Please note that should you fail to indicate your preference, we will deduct retention tax from interest earned on your account after 1 July 2005, in accordance with the Directive.
‡ Deferred interest is calculated on a daily basis and is paid when the account is closed. Deferred interest does not, therefore, offer the potential benefit of interest compounding on a monthly or annual basis. It is your responsibility to make your own decision as to the suitability of this product and the deferred interest option, particularly in regard your tax situation. It is therefore important that you seek your own independent advice as you feel is appropriate. It is also your responsibility to declare the interest earned to the appropriate tax authority. If no interest payment date is given on the application form, interest will be paid on 1 January in each year.
- Scarborough Channel Islands Limited is licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994 as amended.
- Scarborough Channel Islands Limited Registered office is Suite 5 North, Town Mills, Rue du Pre, St Peter Port, Guernsey, Channel Islands, GY1 3TR. Registered in Guernsey No. 25871.
- Scarborough Channel Islands Limited is a wholly owned subsidiary of Scarborough Building Society, which is authorised and regulated by the Financial Services Authority (Register Number 206062).