Abbey International (AI) has boosted the interest rates it pays to sterling customers of its so-called Gold current accounts.
Since the first of September, depositors with accounts in AI of £100,000 to £249,000 have received the new rate of 1.50% gross/AER, up from 0.30%.
Those with balances of £250,000 or more are now receiving 1.75% gross/AER, Abbey said, up from 0.50%.
The minimum opening deposit is £5,000. The rate for those with Gold accounts in euros or dollars is unchanged. The new rates compare with a sterling base rate of 0.50%.
AI is the Jersey-based offshore arm of Santander’s Abbey National. Although a depositors’ compensation scheme is understood to be imminent in Jersey, Abbey has said that pending the scheme’s implementation, “all deposits carry the full and unconditional guarantee of Abbey National, itself a wholly-owned subsidiary of the Santander Group”.
Deferred Interest account
Also being boosted by Abbey International are rates on its Deferred Interest Deposit Accounts, which now earn depositors 2% gross/AER on balances between £50,000 and £249,999, up from 0.30%; balances of £250,000 or more now receive 2.25% gross/AER, up from 2%.
Abbey International’s Deferred Interest Deposit Account offers depositors the ability to choose the date when they can take potentially taxable interest income, which can be useful for some individuals in planning their personal tax affairs. The minimum deposit on these accounts is £50,000.
Further information is available at www.abbeyinternational.com or by calling Abbey International’s Jersey offices at + 44 (0)1534 828 828.
