Offshore Access Account
Effective from 23rd July 2008.
Up to 3.55% Gross p.a.*/AER Variable
Our Offshore Access account offers unlimited easy access to your money, with no minimum withdrawal amount. The Offshore Access account offers a tiered variable rate of interest. Additional deposits are accepted and larger balances are rewarded with higher rates of interest.
What interest rate will I receive?
| Minimum investment | Gross p.a.* | AER* |
|---|---|---|
| Annual Interest | ||
| £100,000 - £1,000,000 | 3.55% | 3.55% |
| £25,000 - £99,999.99 | 3.25% | 3.25% |
| £5,000 - £24,999.99 | 2.25% | 2.25% |
| Monthly Interest | ||
| £100,000 - £1,000,000 | 3.45% | 3.51% |
| £25,000 - £99,999.99 | 3.15% | 3.20% |
| £5,000 - £24,999.99 | 2.20% | 2.22% |
- Minimum investment £5,000
- Maximum investment £1,000,000 per customer
- Interest paid annually, on 1 January, 30 April, or monthly†
- Easy access
- Interest calculated on a daily basis from day following receipt
- No minimum levels for deposits or withdrawals
How can I apply for an account?
- Please ensure you have read and understood all of the above account features and our terms & conditions.
- Complete our online application form, print it off and post it to us along with a cheque or direct bank transfer.
- Cheques should be made payable to: Scarborough Channel Islands Limited/Your Name
- Alternatively if you do not wish to apply through our online form you may request an account application pack.
If the balance on your account falls below the minimum investment, the interest rate will be 0.50% gross p.a./AER*, your account may be closed, unless stated otherwise in the product description.
*Interest is paid gross. The gross rate is the contractual rate of interest payable before the payment of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Where interest is paid monthly, the AER is the rate which would be achieved if the interest was added to the account each month.
†Monthly interest paid on the first working day of the following month. Compounded or transferred monthly interest will be credited on the last day of the current month. Monthly interest can be compounded into the account or paid to your UK or Channel Islands bank account or another Scarborough Channel Islands account.
It is your responsibility to advise the appropriate tax authorities of any interest received. All rates are variable except the Fixed Interest Bonds. If no interest payment date is given on the application form, interest will be paid on 1 January.
The European Union Savings Tax Directive, effective 1 July 2005, applies to savings income earned on your account if you are a resident of an EU member state. You must elect how we are to deal with savings income from your account in the application form. Please note that should you fail to indicate your preference, we will deduct retention tax from interest earned on your account after 1 July 2005, in accordance with the Directive.
‡Deferred interest is calculated on a daily basis and is paid when the account is closed. Deferred interest does not, therefore, offer the potential benefit of interest compounding on a monthly or annual basis. It is your responsibility to make your own decision as to the suitability of this product and the deferred interest option, particularly in regard your tax situation. It is therefore important that you seek your own independent advice as you feel is appropriate. It is also your responsibility to declare the interest earned to the appropriate tax authority. If no interest payment date is given on the application form, interest will be paid on 1 January in each year.