SCIL Entices ‘Silver Savers’ With Sixty-Plus Account Paying 6.20% Gross
Published on 15 August 2007
Scarborough Channel Islands Limited is launching, on Friday 17 August, a market-leading new easy access savings account aimed specifically at over-60s.
As its name suggests, the Lifestyle Sixty-Plus account is available to investors aged 60 or over and pays annual interest of 6.20% gross p.a. (6.00% gross monthly), fixed until 31 October, 2008, or Bank of England Base Rate (Base Rate less 0.20% monthly interest), whichever is the higher.
It is believed to be the first offshore savings product exclusively for the over sixties market.
The account can be opened with a minimum investment of £5,000, up to a maximum of £1 million.
Withdrawals are allowed without notice or loss of interest, subject to a minimum of £1,000. From 1 November, 2008, the account’s interest rate will track and match the Bank of England Base Rate (Base rate less 0.20% for monthly interest accounts).
Lifestyle Sixty-Plus can be opened by post and then operated and managed by post, telephone, fax or e-mail. Details of the account, together with an application form, can be obtained on-line at www.scarboroughci.com or by calling SCIL’s friendly Guernsey based customer service team on 01481 712004.
Tony Burdin, Managing Director of SCIL, said he is keen to appeal to the growing population of British expatriates, as well as people approaching retirement who are looking to maximise their savings returns.
‘The number of people in this age group who are choosing to live abroad is growing, and we are trying to cater for their needs with this dedicated account,’ he said.
‘The Lifestyle Sixty-Plus account combines the tax planning benefits of offshore deposits with a leading rate of interest, and access to their money at any time.’
Lifestyle Sixty-Plus follows a number of competitive account launches in recent weeks.
However, it is the first product since SCIL’s inception in April to target a specific market segment.
Tony, who took over as managing director earlier this month, added: ‘We have ambitious plans to expand and develop SCIL’s product and service offering – exploring potential new markets and distribution channels, as well as appealing to people who may not have considered offshore investment in the past. Lifestyle Sixty-Plus is a sign of things to come.’
Lifestyle Sixty-Plus: Key Product Features
- Available to investors aged 60 or over (for joint accounts only the oldest has to be 60+)
- Annual Interest – 6.20% gross p.a. fixed until 31/10/08, or BBR, whichever is higher
- Monthly Interest – 6.00% gross p.a. fixed until 31/10/08, or BBR less 0.20%, whichever is higher
- From 1/11/08 the rate tracks and matches BBR (less 0.20% for monthly interest)
- Easy Access – no notice or loss of interest
- Minimum Withdrawal - £1,000
- Additional deposits while the issue remains open for additional investments
- 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).