Alliance & Leicester International is attempting to cash in on the growing number of silver surfers, with the launch of an online only savings account.
It says until recently the offshore sector seems to have been lagging behind the onshore in term of online flexibility, as while some companies (including ALIL) offer internet banking, it still involves paper applications and confirmed signatures.
As a result, ALIL says it has decided to launch the ‘e-saver offshore account’ which it says will offer ex-patriates and offshore savers the ability to both apply for and manage their savings online without the need for a ‘wet’ signature.
Instead, new and existing savers will be able to open an account by accepting the terms and conditions, as it says the only paperwork involved is the sending and receiving of identity documents where necessary.
No cheques or cash will be accepted into the account, only transfers, meaning the entire process is electronic, with a secure two-way messaging service available through its internet banking service the only method of contact between the bank and the client.
By removing all the unnecessary paperwork, ALIL says the new offering allows applicants to apply from wherever they live or work in the world and to complete the application process quickly and with minimal inconvenience. Historically, offshore business has been conducted through post, fax or phone which results in lengthy delays.
Simon Hull, managing director of ALIL, says the new process brings a much needed real time element to offshore banking.
Simon Ripton, sales and marketing manager at ALIL, says the move is particularly important as the fastest growing sector of internet users are high earners and those over-50 – ‘silver surfers’ – which fits the profile of a typical offshore client.
In return for an online offering only, ALIL is tempting customers with instant access and interest rates of 6.15% gross on balances between £1,000 and £1m, although it warns the account cannot be opened with funds from another ALIL offering.
Hull adds: “Offshore savers are calling out for true end-to-end online banking capability. Our new ‘eSaver Offshore’ product offers exactly that and allows customers instant access. We are confident that ‘eSaver Offshore’ provides today’s expatriate with a fast application process and ease of use, together with the best rate available.”
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‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019