The product requires a minimum opening balance of GBP5,000, while the maximum investment can reach up to GBP1 million. Interest can be taken either annually at a rate of 6.30%, or monthly at 6.10%. No withdrawals or deposits are permitted after opening.
Robin Litten, of Scarborough Channel Islands Limited (SCIL), said: This outstanding offer is a further signal of our intentions to build on the success of this offshore business by introducing fantastic value new products – as well as further developing its service offering.
We hope the new bond will appeal to investors looking to lock into a high guaranteed rate until 2009.
Based in the Bailiwick of Guernsey, SCIL has approximately 6,000 customers. For the fiscal year ended December 31, 2006, the group posted pre-tax profit of GBP2.1 million.
