17 August 2007
Scarborough Channel Islands Limited has launched a new easy access savings account aimed specifically at the over-60s.
The Lifestyle Sixty-Plus account is available to investors aged 60 or over and pays interest at one of two rates.
Customers either get 6.20 per cent gross/pa fixed until October 31, 2008, or the account will follow the Bank of England base rate less 0.20 per cent monthly interest, whichever is the higher.
The firm claims the deal is the first offshore savings product exclusively for the over-60s market.
The account can be opened with a minimum investment of £5,000, up to a maximum of £1m.
Withdrawals are allowed without notice or loss of interest, subject to a minimum of £1,000.
SCIL, managing director, Tony Burdin, said the firm is keen to appeal to the growing population of British expatriates, as well as people approaching retirement who are looking to maximise their savings returns.
"The number of people in this age group who are choosing to live abroad is growing, and we are trying to cater for their needs with this dedicated account," he added.
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