Offshore savings Date:
Santander has amended the rates paid on its offshore fixed rate bonds by up to 0.15%, and has also introduced competitive options exclusively for residents of the Channel Islands and Isle of Man.
1 Year Fixed Rate Bond IOM now pays attractive tiered rates of up to 1.20% yearly until 1.7.17, depending on the amount invested: 0.95% is paid on an investment of £500, which rises to 1.10% and 1.20% at £75,000 and £1 million. Meanwhile, its two-year counterpart pays 1.15% on an investment of £500, which rises to 1.25% and 1.40% at £75,000 and £1 million respectively. As a result, both continue to sit comfortably in the charts.
The new 1 Year Island Bond pays 1.09% yearly until 1.7.17 for an investment of £500, and 1.14% and 1.19% for higher investments of £75,000 and £1 million. Its two-year counterpart pays 1.20%, 1.30% and 1.40% respectively until 2.7.18.
Monthly interest options are also available for all accounts paying slightly reduced rates.
All of these bonds can be opened in branch or by post and then operated in the same way as well as by phone. To be eligible for the Island Bonds, you must be a resident of either the Isle of Man or the Channel Islands.
All accounts require a minimum investment of £500, although higher deposits are needed to achieve the higher rates of interest. None will accept additions or withdrawals, so savers must ensure that they are happy with their initial deposit and are comfortable locking their money away.
For eligible savers, the two Island Bonds are promising savings vehicles. Both pay competitive rates and also offer monthly interest options, which will suit those who are looking to secure a regular income. Meanwhile, the two-year fixed bond remains in the charts thanks to its still-competitive rates, which means it will continue to attract interest from savers.
Moneyfacts rating: Excellent
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