New Business Easy Access Account Launched by Skipton International

ST PETER PORT, Guernsey, July 6, 2010 /PRNewswire/ -- Just launched, the Skipton International Business Account aims to offer easy access business deposit terms to companies, trusts and intermediaries. Both annual and monthly interest options are available to offer maximum flexibility.

The account offers tiered rates of interest, so larger deposits will earn higher rates of return on the whole balance. Deposits of over GBP1 million will earn a variable annual rate of 1.50% gross/AER or 1.30% gross for monthly interest (1.31%AER). For balances between GBP10,000 and GBP1 million the annual interest rate will be 1.40% gross/AER or 1.20% for monthly interest (1.21% AER). Balances below GBP10,000 will attract 0.10%.

Commenting on the launch, commercial director Jim Coupe said, "Our new International Business Account is easy to understand and operate. In designing this product, we have sought to bring to the corporate market the same high standards of transparency that we are known for in the domestic savings market in Guernsey."

For more information on Skipton International savings products, visit http://www.skiptoninternational.com or call +44(0)1481-727374

Editor's notes:

1. AER stands for Annual Equivalent Rate and illustrates what the rate would be if interest was paid and added each year.

2) Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society (SBS), the UK's 4th largest building society with over GBP15 billion assets.

3) SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended.

4) Skipton Building Society has given an undertaking agreeing to discharge the liabilities of SIL in so far as SIL is unable to discharge them out of it own assets and whilst SIL remains a subsidiary of Skipton Building Society.

5) As a Licensed Bank in Guernsey, Skipton International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme (the "Scheme") established by The Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008 (the "Ordinance"). The following is a brief summary of the Scheme, but is not intended as a substitute for the actual wording of the Ordinance, a copy of which is available on request.

    - The Scheme only applies to 'qualifying deposits', which
      broadly means deposits made by natural persons for their own benefit;
      with a few limited exceptions such as, for example, deposits made by
      trustees of retirement annuity trust schemes, the Scheme does not apply
      to companies, trusts, partnerships or charities.

    - The Scheme will provide compensation in the event that a
      Licensed Bank is unable to repay its depositors. Under normal
      circumstances, payment will be made within 3 months of receipt of a
      valid claim form.

    - Compensation is limited to a maximum of GBP50,000 per
      individual claimant; in the case of a joint account each depositor
      would be entitled.

    - Total Scheme compensation in any five year period is limited
      to GBP100 million. If claims exceed this cap, compensation would be
      reduced pro rata. The cap also means that compensation in respect of
      any one bank cannot exceed GBP100 million.

    - The amount payable may be reduced if the Bank has any
      contractual right of set-off against the account. The Scheme is
      entitled to recover compensation from any funds subsequently paid out
      by the Bank.

    - Further information and a leaflet about the Scheme is
      available at:

    Website: http://www.dcs.gg
    Telephone: +44(0)1481-722756
    Post: P.O. Box 380, St Peter Port, GY1 3FY

6) Deposits made with SIL are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000.

7) SIL places funds with SBS and thus its financial standing is linked to SBS. Publicly available information, including reports and accounts, is available from www.skipton.co.uk.

    8) Copies of the latest SIL audited accounts are available on request.

    Media contacts: Please contact:
    Guy Stephenson/Jennifer Duffy
    Nacelle Limited
    Tel: +44(0)20-8333-9125
    E-mail: [email protected]

SOURCE Skipton International