SCIL opens up market-leading rollover bond to smaller investors
Published on 8 October 2007
Scarborough Channel Islands Limited has re-launched its popular Rollover Bond to make it even better.
The bond, which pays a competitive rate of up to 6.50%, fixed for six months, can now be opened with a minimum of £5,000 (down from £50,000), making it accessible to more people.
In addition, investors may now make one withdrawal of up to 25% of the opening balance, without notice or loss of interest, prior to maturity and can also close the bond in an emergency with 90 days loss of interest.
The 6 Month Rollover Bond offers tiered fixed rates of up to 6.50% gross p.a. AER, with interest capitalised or paid away at maturity. After 6 months investors have the option to withdraw or transfer their funds, or they can simply allow SCIL to ‘rollover’ the funds automatically into the current issue of the 6 month rollover bond available at the time.
The minimum investment is now £5,000 and funds can be invested up to £1 million per customer. Further rollover bonds can also be opened, subject to an overall maximum holding of £5 million. The account is also available to nominees and trustees, and is likely to be attractive to trustees of pension fund schemes.
Commenting on the re-launched 6 Month Rollover Bond, Tony Burdin, Managing Director of SCIL, said: ‘The Rollover Bond has proved popular so far with investors who want to achieve a good guaranteed rate on their cash without tying up their money for too long.
‘However, we’ve had considerable feedback from smaller investors who are attracted to the product but perhaps don’t have large sums to put away – which is why we’ve re-launched it to make it more inclusive.’
The Rollover Bond can be held for the minimum term of 6 months, after which the account holder has 14 days to either withdraw part or all of the funds, or simply do nothing and allow SCIL to rollover the investment in to the latest issue for a further 6 months. Tony added – ‘The ease of administration, combined with the new access features, are likely to be attractive to both personal and professional investors.’
Prospective investors can obtain full details of the account by visiting www.scarboroughci.com or by calling the friendly Guernsey based customer service team on 01481 712004.
Product Details
- Minimum Investment:: £5,000
- Maximum Investment: £1 million per customer
- Term: 6 Months
- Rate: 6.50% - £250,000+; 6.40% - £100,000 - £249,999; 6.30% - £5,000 - £99,999
- Withdrawals: 25% of the original balance without notice or loss of interest – full penalty-free access for 14 days at maturity, or early closure with 90 days loss of interest
- Re-investment Option: At maturity funds are automatically re-invested in a new issue at the prevailing rate
- 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).