Skipton International Adds 1 and 2 year Bond Options to Business Account Portfolio

ST PETER PORT, Guernsey, April 13, 2012 /PRNewswire/ --

Skipton International Limited has moved to significantly upgrade the range of accounts available to businesses, intermediaries and trusts with the unveiling of two new account choices, its 1 year International Reserve Bond paying 3.00% AER or a monthly income rate of 2.80% gross, 2.84% AER and its 2 year International Reserve Bond paying 3.50% AER or a monthly interest rate of 3.30% gross, 3.35% AER.

Skipton International now has one of the widest ranges of specialist business account options for companies, intermediaries and trusts. In addition to the two fixed rate bonds announced, the bank also offers a range which includes easy access accounts through to 40, 80, 120 and 180 day notice products.

Accounts have been designed with the needs of business in mind, so for corporate customers, the maximum deposits are up to £5 million. The minimum opening balance has been set at just £10,000, making the account accessible to a wide range of small and medium sized organisations wanting to place medium and short term cash deposits. Both annual and monthly interest options are available to offer maximum flexibility.

Over periods of less than one or two years, depositors can now earn from 1.50% gross p.a. with easy access accounts up to 2.75% gross/p.a. with the 180 day notice International Business 180 account. With all accounts outside of the Bond products having a tiered interest rate structure, the larger the balance, the higher the interest rate earned.

Dedicated account opening staff are on hand to deliver efficient, effective and personalised support to all business customers. Once opened, Skipton International's experienced team is on hand to ensure business customers receive the same high quality levels of service that the bank is known for amongst its many personal savers.

Managing Director Jim Coupe said, "We have now added to our range of business deposits to offer a comprehensive range of deposit options from call to two year fixed rates. Our experience tells us that particularly in tough economic times, businesses, trusts and intermediaries need to make their own and their clients' surplus cash work even harder. With our policy of transparency on interest rates - we always write to customers to advise them of rate changes - we have now bought choice, competitive returns and openness to this important market."

Skipton International Ltd is part of Skipton Building Society, the fourth largest in the UK with nearly £14 billion assets.

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 4^th largest building society with nearly £14 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 its 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 £50,000 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 £100 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 £100 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. Copies of the latest SIL audited accounts are available on request.

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

Media contacts: Please contact:
Guy Stephenson/Jennifer Duffy
Nacelle Limited
Tel:  +44(0)20-8333-9125
+44(0)7980-241-558
E-mail: [email protected]    

SOURCE Skipton International