Bradford and Bingley International, an offshore savings bank, have announced the launch of a new one year fixed rate savings bond.
The Fixed Rate Bond (Issue 38) comes with a competitive interest rate of up to 6.30% and matures on 31st March 2009. The online savings bond offers a fixed rate of interest regardless of any reduction in the UK base rate, with the option of having interest paid monthly or on maturity.
Fixed rate bonds have seen a surge in popularity following the recent reduction in the Bank of England’s base rate to 5.25% and speculation that further cuts are expected in 2008.
The offshore bond also offers an emergency access facility, allowing customers to access their funds at any time, subject to a 90-day interest penalty on the amount withdrawn.
Fixed Rate Bond (Issue 38) is limited in availability and is allocated on a first come first serve basis. The final date for funds to be received into the bond is 31st March 2008 or sooner if fully subscribed.
Bradford & Bingley International is an offshore savings bank based on the AAA rated Isle of Man. It offers a range of savings accounts for international and expatriate customers as well as Isle of Man and Channel Island residents.
See the Bradford & Bingley International website for more information on the Fixed Rate Bond (Issue 38).
Note to editors:
Information about Bradford & Bingley International can be found at the following web address – www.bbi.co.im
Bradford & Bingley International Limited is licensed by the Isle of Man Financial Supervision Commission to conduct banking business and is a wholly owned subsidiary of Bradford & Bingley plc
Bradford & Bingley plc has given a legal undertaking agreeing to discharge the liabilities of Bradford & Bingley International Limited in so far as Bradford & Bingley International Limited is unable to discharge them out of its own assets and while Bradford & Bingley International Limited remains a subsidiary of Bradford & Bingley plc. Under Isle of Man legislation, deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991 (as amended).