Bradford & Bingley International has reduced rates across its offshore savings accounts in reaction to the December rate cut by the Bank of England.
The 0.25% cut was applied to accounts on 30 December, with the exception of the £ Tracker 120 account, which saw its rate cut on 17 December.
The removal of the 0.40% introductory bonus on the £ eAccess account means this account has seen a reduction of 0.65% for annual interest payments.
Meanwhile, Skipton Guernsey Ltd (SGL) has restructured its savings product range, with effect from 9 January 2008. New investment tiers and rates are now available on the Sterling Access, Sterling Access Plus, Sterling Thirty and Sterling Sixty Accounts as well as the Sterling Island Ninety Account, available for both Guernsey residents and offshore savers.
The accounts previously tiered the interest rates payable at £10,000, £25,000, £50,000 and £100,000. The intermediate tiers have now been removed and the accounts pay one rate between the opening balance and £99,999 and a higher rate above £100,000. SGL has kept the £10,000 minimum opening balance for its Sterling Island Ninety, Sterling Thirty and Sterling Access accounts, with a £25,000 minimum opening balance for its Sterling Sixty and Sterling Access Plus accounts.
Commenting on the move, Ken Jones, manager – investments at SGL said: “We have taken the opportunity, following December’s 0.25% reduction in UK base rate, to restructure and further simplify our savings product range to offer the best value possible for our customers. Now the first tier break is £100,000 across our whole range. This has, in some cases, lessened the impact of the 0.25% rate reduction.”
SGL’s Sterling Thirty account is now paying 5.25% on balances from £10,000 to £100,000 and 5.50% on balances over £100,000. Sterling Sixty is now paying 5.60% on balances from £10,000 to £99,999 and 5.75% above £100,000. The Sterling Access account now pays 5.00% from £10,000 to £99,999 and 5.25% on balances over £100,000.
Paul Bruns and Elaine Parkes
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