Landsbanki takes the savings market by storm
Following Landsbanki’s successful entry into the UK savings market last week with its market leading account from Icesave, it has now taken the offshore market by storm. Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:
“Today Landsbanki Guernsey has announced a full revamp of its offshore savings range, following its recent takeover of Cheshire Guernsey. With interest tiers removed and rates increased by as much as 0.61%, it makes their offshore savings package hard to beat.
“Although the accounts do not top all of the best buy charts, their notice, fixed rate, monthly interest and no notice accounts all feature in the moneyfacts.co.uk top 6. So for anyone looking to spread their savings with one provider, Landsbanki offers a good choice of accounts with very competitive returns.
“This year, competition in the offshore market has been rife, with new players such as Zurich Bank hitting the market and existing providers upping their game with market leading rates.
“Offshore banking may still hold the stigma that it is only advantageous for very wealthy individuals looking for tax breaks, but this is most definitely not the case.
“With low minimum opening balances and a wide range of account terms, the offshore market is now open to a much wider audience. Application and operation is simple and can often be done through a variety of channels including, post, fax, telephone and internet.
“With many providers turning their attention to the offshore market, it is certainly recognition of its growing popularity. With more and more people investing, living or working overseas, its good news that providers are looking after this niche and potentially affluent market.”
Offshore Savings - Notice Accounts
Company |
Account |
Notice or Term |
Deposit |
Gross |
AER |
Landsbanki Guernsey |
International Tracker 90 |
90 Day |
£10,000 |
5.21% |
5.21% |
Anglo Irish Bank Isle of Man |
Privilege 90 |
90 Day |
£5,000 |
5.20% |
5.20% |
Alliance & Leicester International |
Offshore 120 Plus |
120 Day |
£10,000 |
5.20% |
5.20% |
Anglo Irish Bank Isle of Man |
Privilege 30 |
30 Day |
£5,000 |
5.15% |
5.15% |
Landsbanki Guernsey |
International 60 |
60 Day |
£10,000 |
5.11% |
5.11% |
Anglo Irish Bank Isle of Man |
Privilege 7 |
7 Day |
£5,000 |
5.10% |
5.10% |
Offshore Savings - Fixed Rate Accounts
Company |
Account |
Notice or Term |
Deposit |
Gross |
AER |
Bank of Scotland International |
International Fixed Rate |
1 Year Bond |
£3,000 |
5.61% |
5.61% |
Landsbanki Guernsey |
Fixed Rate Bond |
12 Month Bond |
£10,000 |
5.61% |
5.61% |
Bank of Scotland International |
International Fixed Rate |
2 Year Bond |
£3,000 |
5.55% |
5.55% |
Bank of Scotland International |
International Fixed Rate |
3 Year Bond |
£3,000 |
5.55% |
5.55% |
Bank of Scotland International |
International Fixed Rate |
4 Year Bond |
£3,000 |
5.35% |
5.35% |
Bank of Scotland International |
International Fixed Rate |
5 Year Bond |
£3,000 |
5.35% |
5.35% |
Offshore Savings - Monthly Interest Accounts
Company |
Account |
Notice or Term |
Deposit |
Gross |
AER |
Anglo Irish Bank Isle of Man |
Privilege Income |
7 Day |
£5,000 |
5.00% |
5.12% |
Singer & Friedlander (IOM) |
Base Rate Tracker 180 |
180 Day |
£25,000 |
4.90% |
5.01% |
C&G Channel Islands Ltd |
Guernsey 60 |
60 Day |
£10,000 |
4.89% |
5.00% |
Landsbanki Guernsey |
International 60 |
60 Day |
£10,000 |
4.89% |
5.00% |
Bradford & Bingley International |
Income 180 |
180 Day |
£25,000 |
4.80% |
4.91% |
First Active Bank (CI) |
Offshore 60 Day Notice |
60 Day |
£10,000 |
4.79% |
4.90% |
Offshore Savings - No Notice Accounts
Company |
Account |
Notice or Term |
Deposit |
Gross |
AER |
Irish Nationwide (IOM) |
Instant Quarterly |
None |
£25,000 |
5.10% |
5.10% |
Anglo Irish Bank Isle of Man |
Privilege Access |
None |
£5,000 |
5.05% |
5.11% |
Alliance & Leicester International |
Island Easy Access |
None |
£10,000 |
5.05% |
5.05% |
Zurich Bank International Ltd |
The Zurich Reward Account |
None |
£5,000 |
5.00%* |
4.92% |
Nationwide International |
Base Rate Tracker |
None |
£5,000 |
4.95% |
4.95% |
Landsbanki Guernsey |
International Access |
None |
£10,000 |
4.81% |
4.81% |
* = Introductory variable rate for a limited period.
Source: www.moneyfacts.co.uk Figures correct at 31.10.06
NOTES TO EDITORS:
Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
Regular Charts
We can supply you with regular weekly or one-off selection charts on many financial products including savings, mortgages, credit cards and personal loans. Our charts are independent, impartial, totally accurate and up to date.
Please call Andrew Hagger on 0870 2250 512 for further information.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349