Skipton Guernsey revamps savings rates

Skipton Guernsey has updated its savings rates for both sterling and currency accounts.

Against the backdrop of the UK base rate falling to its lowest level for 57 years, Skipton Guernsey's flagship Island Ninety account will now pay up to 4.5% gross/AER for £100,000 or more invested.

The same 90 day notice account pays 4.25% for investments between £10,000 and £99,000, while the Sterling Sixty account pays 3.75% for £100,000 and more and 3.65% for investments of £10,000 to £99,000.

Meanwhile, Sterling Thirty pays 3.5% for the higher investment band and 3.4% applies on accounts holding between £10,000 and £99,000.

The Sterling Access Plus and Sterling Access account offers 3.75% and 3.1% respectively on accounts over £100,000, while investors with £10,000 to £99,000 in their accounts are paid 3.65% and 3% correspondingly.

Interest paid on currency accounts has also been revamped with investors with over $25,000 or €25,000 paid 1% in the International US Dollar Account and 3.25% in the International Euro Account. Balances below this amount attract 0.5% on all currency accounts.

"With UK base rate at a historically low level, the challenge for us is to ensure our savings rates stay attractive and rewarding to our investors," said managing director, Alan Bougourd.

The first £50,000 of each individual's deposit is covered by the Guernsey Depositor Compensation Scheme and deposits will be covered by the Skipton Building Society, Skipton Guernsey's parent.

Easy access to the Sterling Island Ninety, Sterling Sixty and Sterling Thirty accounts will be penalised by 90, 60 and 30 respective days' interest being deducted on the sum withdrawn.

The Sterling Access Plus account allows four easy access withdrawals a year with a £25 fee for subsequent withdrawals, whereas there is no penalty for accessing funds at any time in the Sterling Access account.