SCIL Signals Intent With Market-Leading New Offshore Product

Published on 27 April 2007

Scarborough Channel Islands Limited (SCIL) is celebrating its launch with a new offshore investment account designed to reward existing customers and attract new ones.

Scarborough Building Society’s new offshore subsidiary, SCIL will launch its new Guaranteed Equity Account on 30 April.

Blending the enhanced growth opportunities offered by the stock market with the security of a guaranteed 100% return on capital, features of the new account include:

  • 5-year term
  • 100% capital guarantee
  • 125% of any growth in the FTSE™ 100 index *
  • Extra interest for early investors **
  • Early investment bonus ***

Guaranteed Equity Accounts can be opened with a deposit of £5,000-plus, up to a maximum investment of £1 million.

SCIL Managing Director Steve Le Poidevin said: ‘We felt the launch of SCIL was cause for celebration and wanted to offer a product straightaway which would reward existing customers – as well as signalling to potential new customers the kinds of new opportunities we hope to offer them in the future.

‘We believe the offshore market is one full of opportunity and have ambitious plans for further enhancing and developing our already successful business, and broadening our market share. We hope to achieve this through product innovation and competitive pricing such as this, as well as the exploration of new service offerings and, potentially, new markets.

‘So, this is an early example of the good things still to come and our message for now is ‘watch this space.’

All existing customers have been sent a letter welcoming them to SCIL, incorporating details of the Guaranteed Equity Account and how to apply. Non-customers can find out more by accessing the SCIL website at www.scarboroughci.com, or by contacting the Guernsey-based team directly on +44(0) 1481 712 004.

Last week, SCIL – which has a geographically diverse deposit book of circa £600 million and approximately 6,000 customers – joined the Scarborough Building Society Group’s integrated suite of subsidiary businesses.

Product Notes

  • * The Guaranteed Equity Account will pay 125% of any growth in the FTSE 100 Index, calculated over the 5-year term
  • ** An initial rate of 5.25% is available for early investments (cleared funds until 5 July, 2007)
  • *** An early investment bonus of 1% will be payable on funds cleared by 18 May, 2007; 0.50% will be payable on funds cleared by 1 June, 2007, and 0.25% on funds cleared by 15 June, 2007.
  • 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).