Standard Bank has launched an offshore Moneymarket Call account with instant access. The savings ac...
Standard Bank has launched an offshore Moneymarket Call account with instant access.
The savings account, available in sterling, dollar and euro, offers higher rates of interest in return for larger deposits.
The minimum opening balance is £25,000, $50,000 or 50,000. A rate of 4% (effective rate of 4.07%) is paid on balances between £25,000 and £49,999 and 4.10% (effective rate of 4.18%) for balances above £50,000. Rates are linked to international money market interest rates.
John Coyle, managing director of Standard Bank Isle of Man, said deposits and withdrawals could be made at anytime without notice, while monthly interest was paid to the account.
He added: "Statements are provided quarterly and customers are also able to access the account details through the bank's online banking service.
"This account is ideal for clients who want to have their funds available instantly when required or those who are holding cash prior to investment."
Coyle also confirmed there was an introductory commission programme for participating intermediaries.
Elsewhere, Cheltenham & Gloucester (C&G) Channel Islands has launched an offshore account that guarantees a rate not lower than 0.25% under the Bank of England's base rate until July 2011.
The C&G Guernsey 60 account has a minimum investment of £10,000 and currently has a rate of 4.65%. The minimum withdrawal is £1,000 and is subject to 60 days notice.
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