People with Euro offshore savings accounts should review their interest rate as there is a growing disparity between European Central Bank (ECB) rates and offshore savings rates, according to Investec.
Investec’s Guernsey based subsidiary says the gap between average interest payments on Euro offshore accounts and the ECB base rate has reached 0.7% by the end of July 2007. Laura Preston, of Investec Private Bank (Guernsey), recommends offshore savers examine the disparity between the rates paid on their accounts and the ECB base rate as they may benefit from switching to a different account. At the end of April 2007, the average return of a Euro offshore account was 3.11% with an ECB rate of 3.75%, a 0.64% difference. By the end of July, the ECB rate had risen 25 basis points to 4.00% ...
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