05 March 2008
Scarborough Channel Islands Limited is targeting the "silver saver" market with the launch of its new offshore product for the over-50s.
Following on from the firm's Lifestyle-Sixty Plus account, SCIL is now extending the offer to younger customers.
The Lifestyle-Fifty Plus account is available to investors over the age of 50, while in the case of joint accounts, only one investor needs to be eligible.
The account pays annual interest of 6.20 per cent gross pa/AER, which includes a variable rate premium above the Bank of England base rate until April 30, 2009.
It can be opened with a minimum of £5,000 and withdrawals can be made without loss of interest at any time, subject to a minimum withdrawal limit of £1,000. Deposits are also accepted at any time, up to a maximum of £1m.
SCIL, managing director, Tony Burdin said he wanted to extend Lifestyle-Sixty Plus account to more customers.
He added: "We were the first offshore provider to offer this type of targeted account and Lifestyle-Sixty Plus has proved so popular since its launch last year, we realised there was additional demand for this kind of good value account for people of a pre-retirement age.
"What we've tried to achieve with Lifestyle-Fifty Plus is to extend this option to people who may be planning for their retirement, as well as those who may already have given up work. The number of people in this age bracket who either live abroad now, or plan to in their retirement, is growing and we want ensure we are catering for their needs."
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