Abbey Int'l unveils 3% fixed term account
Abbey International is offering investors a new account paying 3% AER over 12 months.
The account, available only to new money, has a minimum balance of £50,000 and at the end of a year savers can choose to roll over their money into a new account.
Abbey International is offering investors a new account paying 3% AER over 12 months.
The account, available only to new money, has a minimum balance of £50,000 and at the end of a year savers can choose to roll over their money into a new account or withdraw it.
Jane Matthews, head of client experience at Jersey-based Abbey International, said: “With UK Base Rate remaining unchanged this month at their record low of 0.5%, this account offers a very attractive 3.00% gross rate of return.”
Launch of the account comes amid speculation Abbey’s parent company, Spanish banking giant Banco Santander, is planning to sell off the Isle of Man-based deposit taking operations it acquired last year through the takeovers of ailing UK banks Bradford & Bingley and Alliance & Leicester.
According to reports, investment bank Gleacher Shacklock has been hired to oversee the sale of the offshore operations of both banks.
The desire to sell the Isle of Man banks is not said to be linked to the current political debate on tax havens but because Abbey already has Abbey International in Jersey.
Last year, Santander began overhauling this division, historically only used for deposit taking, and plans to offer more wealth management-based services from the Channel Islands. Abbey declined to comment.