Scarborough Channel Islands Limited, the Guernsey based subsidiary of UK based Scarborough Building Society, has announced a trio of changes to its offshore deposit account range.
A new issue of its popular limited edition Offshore Reserve account has been launched, offering savers the best of both worlds – variable interest rates of up to 6.40% gross AER and the flexibility of up to four penalty-free withdrawals per year.
At the same time, the St Peter Port based bank has re-launched its 6 Month Rollover Bonds, which now offer fixed rates up to 6.20% and, unusually for a fixed rate account, partial penalty-free access prior to maturity.

Finally, the features of SCIL’s Lifestyle Fifty-Plus account, which is available exclusively to investors aged 50 and above, have been enhanced with the addition of a deferred interest option – where interest is capitalised when the customer chooses to close the account – thereby offering potential tax planning benefits.

SCIL Managing Director Tony Burdin said: ‘In the current financial climate, when many savers are looking for a safe home for their cash, SCIL is offering a range of simple products that combine security, flexibility and competitive rates.’

Tony continued: ‘SCIL is a wholly-owned subsidiary of a financially strong, top 20 UK building society, which has no exposure to markets outside of the UK and funds all of its lending from retail savings. Our customers, therefore, can be confident that their money is in safe hands’.

Prospective investors can obtain full details of Scarborough’s offshore accounts by visiting www.scarboroughci.com or by calling the Guernsey based customer service team on 01481 712004.

PRODUCT DETAILS – Offshore Reserve Issue 2

Interest of 6.40% (6.20% monthly) on balances of £100,000-plus; 6.35% (6.15% monthly) on balances of between £25,000 and £99,999; and 6.30% (6.10% monthly) on balances of £5,000 to £24,999;
Minimum deposit of £5,000;
Maximum balance of £1 million per account (£5 million per customer);
Up to 4 withdrawals permitted per financial year, without penalty or loss of interest (further withdrawals subject to a £50 administration charge);
Accounts can be closed at any time without notice or loss of interest (if more than withdrawals have taken place prior to closure, an administration charge of £50 will be payable);
Additional deposits can be made at any time, up to the maximum account balance of £1 million.
PRODUCT DETAILS – 6 Month Rollover Bond (Issue 3)

Interest of 6.20% on balances of £250,000-plus; 6.10% on balances of between £100,000 and £249,999; and 6.00% on balances of £5,000 to £99,999;
Minimum deposit of £5,000;
Maximum balance of £1 million per account (£5 million per customer);
Up to 25% may be withdrawn before maturity, without penalty or loss of interest;
Accounts can be closed at any time with 90 days loss of gross interest;
PRODUCT DETAILS – Lifestyle Fifty-Plus

Interest of 6.20% (6.00% monthly) on balances of £5,000-plus;
Minimum deposit of £5,000;
Maximum balance of £1 million per account (£5 million per customer);
Easy Access, subject to a minimum withdrawal of £1,000;
Additional deposits can be made at any time, up to the maximum account balance of £1 million;
Offers a full choice of annual, monthly and deferred interest dates – deferred interest is paid on account closure

Scarborough Channel Islands Limited is based in the Bailiwick of Guernsey and is the offshore deposit-taking arm of the Scarborough Building Society Group;

SCIL is a wholly owned subsidiary of Scarborough Building Society and is regulated by the Guernsey Financial Services Commission;

Scarborough Building Society, which is the UK’s 18th largest building society with assets of £2.3bn, provides an undertaking guaranteeing the deposits held in SCIL.