Skipton Guernsey and Scarborough Channel Islands in Joint Savings Account Launch

During the following year, up until 31 August 2011, the account will pay a minimum of 1.00% above the Bank of England base rate and any base rate rises will automatically be added from the first day of the month following the change.

Between 01 September 2011 and 31 August 2012, the interest rate payable is guaranteed to track and match UK base rate, whilst after 01 September 2012, the account will offer a variable interest rate structure.

Commenting on the new International Bonus Account, managing director Alan Bougourd said, “Savers have had to endure hard times as UK base rate has fallen to a record low. Now with this new account, we are offering peace of mind so savers will know that they have a guaranteed minimum return in the first year and that the rate thereafter will rise along with any Bank of England base rate changes into 2012.”

The new variable rate account can be opened with a minimum balance of £10,000, with balances of £10,000 to £49,999 currently earning 1.75% gross, balances of £50,000 to £99,000 will currently earn 1.90% gross and balances of £100,000 to the £5 million maximum will currently earn 2.00% gross.  The set rates are the minimum rates guaranteed to be paid until 31.08.09; in addition, all tiers will attract an introductory bonus of 1%, which is payable on 31.08.10 for new funds only.

Alan Bougourd adds, “This innovative new account offers immediate access to funds, so savers needing to make withdrawals can do so at any time without an interest penalty.”