Scarborough Channel Islands has launched a new savings account specifically designed to cater to the needs of the over-60s market.
The Lifestyle Sixty-Plus savings vehicle offers a yearly interest of 6.2 per cent until October 2008. Alternatively, should the Bank of England's base rate continue to rise, it will offer that rate minus 20 per cent each month.
Older Britons looking to take advantage of this savings account will need to place a minimum stake of £5,000, although the more affluent among them will be able to deposit up to £1 million.
In addition, withdrawals can be made at any time without notice or penalty, although £1,000 must be taken.
Tony Burdin, managing director of the firm, commented: "The Lifestyle Sixty-Plus account combines the tax planning benefits of offshore deposits with a leading rate of interest and access to their money at any time."
He added that the account was launched to cater to the needs of Britons who choose to live overseas.
Recent figures from Alliance &Leicester showed that almost half of British expatriates move overseas in order to begin a new life.
New savings account from Scarborough
Financial Services > Savings > Savings and Investments News
New savings account from Scarborough
Fri, 17 Aug 2007
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