Skipton International freshens up interest rates for offshore savings accounts
- Written by The Chronicle
A minimum opening balance of GBP25,000 is required for new customers.
Skipton International (Skipton) Personal Access accounts allow funds to be withdrawn without notice, whereas Variable means interest rates may change. The current Fixed Notice accounts remain, with the highest paying a competitive rate of 4.00% annual equivalent rate (maturing in 31 October 2024).
Available immediately, the new rates are:
| SKIPTON INTERNATIONAL ACCOUNTS | INTEREST RATE % | WITHDRAWAL NOTICE |
| Fixed Rate Bond, Maturing 31 October 2024 | 4.00% | Not Applicable |
| Fixed Rate Bond, Maturing 15 March 2024 | 3.50% | Not Applicable |
| Fixed Rate Bond, Maturing 15 September 2023 – Issue 2 | 3.25% | Not Applicable |
| Personal Saver Account 200 | 2.60% | 200 days’ notice |
| Personal Saver Account 120 | 2.30% | 120 days’ notice |
| Personal Saver Account 40 | 2.00% | 40 days’ notice |
| Personal Access Account | 1.75% | None |
Commenting on the increased rates, Aaron Walden, Senior Commercial Manager at Skipton International, said:
“These increased savings interest rates give new and existing Skipton customers a competitive return on their savings during market and currency rate volatility. A sterling offshore account enables customers to diversify their investment portfolios, leverage opportunities in the UK market, and access opportunities not available through their domestic bank accounts.”
Offshore banking has become increasingly popular over the years because it offers protection from currency exchange volatility, economic uncertainty, and taxation.
“There are many practical reasons for opening an offshore bank account. For example, UK universities attract international students and tuition, accommodation and any living expenses incurred have to be made in pounds sterling. An offshore bank account means that payments can be made in sterling rather than having to convert funds and risk exchange rate fluctuations and fees,” added Walden.
For over 20 years, Skipton International has served both British expatriates and non-UK citizens worldwide. Apart from offering offshore savings accounts, Skipton is a market leader in buy-to-let mortgages, giving investors the opportunity to own and rent out a UK property, gaining an additional revenue stream. In this case, an offshore bank account can fund the repayments, legal, management and other fees.
According to Skipton’s 2021 Buy-To-Let mortgage charts, London’s Canary Wharf, Poplar and Limehouse region were the most popular for rental, followed by SW11 (Wandsworth) and W3 (Acton). Please see here for popular postcodes in London for rental properties.
Skipton International is licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, and a participant in the Guernsey Banking Deposit Compensation Scheme offering protection for ‘qualifying deposits’ up to GBP50,000, subject to certain limitations.
More Information and Account Opening
For more information about opening a Skipton International offshore bank account or buy-to-let mortgages, please visit www.skiptoninternational.com
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The issuer is solely responsible for the content of this announcement.
About Skipton International
Headquartered in Guernsey, Skipton International is a bank wholly owned by Skipton Building Society, the fourth largest building society in the UK. We are a leading offshore bank and winner of multiple awards, including the Moneyfacts best mortgage provider and named as Guernsey Business Of The Year at the Guernsey Awards for Achievement.
Our aim is to help customers achieve their property owning and savings goals, by offering quality products and excellent customer service.