12 October 2007
Scarborough Channel Islands Limited has launched a new savings account combining penalty-free access with a medium-term rate guarantee.
The Offshore Flexi-120 Direct account offers 6.55 per cent pa/AER variable and is guaranteed to exceed Bank of England base rate until December 31, 2008.
The minimum initial investment is £5,000, up to a maximum of £1m per customer.
One withdrawal of up to £5,000 is allowed per calendar month, without notice or loss of interest, providing that 50 per cent of the original balance is maintained.
Further withdrawals or closure are subject to 120 days notice, or immediately with the loss of 120 days gross interest.
The minimum that can be taken out is £1,000, and additional deposits are allowed while the issue remains open.
SCIL, managing director, Tony Burdin said: "With Offshore Flexi-120 Direct, and the range of other competitive accounts we have brought to market recently, SCIL is keeping its promise to offer innovative savings products to meet the changing needs of today's customers.
"With uncertainty surrounding future interest rates, this latest account is designed to give savers the peace of mind of knowing that their rate of return will remain competitive.
"This, combined with penalty-free access to a portion of the funds makes Offshore Flexi-120 a very attractive proposition."
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