Singer & Friedlander in the Isle of Man has launched an Offshore Base Rate Tracker Account, which offers an interest rate linked to the Bank of England base rate.
According to Aidan Doherty, managing director of Singer & Friedlander (IoM), a base rate tracker provides one of the most competitive interest rates in an extremely crowded market.
'In this current economic climate, interest rates continue to fall and this is bad news for investors,' said Doherty. 'Our Offshore Base Rate Tracker Account is geared towards depositors who are keen to invest their funds sensibly in a flat market. They will have the assurance the interest rate payable will move in line with the Bank of England base rate.'
Account holders will benefit from an interest rate currently up to 0.21% higher than the current Bank of England rate. Interest is paid monthly and clients can choose either 32, 60, or 90 days as their preferred notice period.
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Short-term noise or something sinister?