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Expat Investor : July August 2007
NEWS EDITOR'S COMMENT expatinvestor.com 2 EXPAT INVESTOR July/August 2007 Fast Facts 66001 90-day account from Scarborough CI Earthlings beware! The menace from space is growing -- not outer space (in this instance), but cyber space. Experian reports a rise in identity (ID) fraud coinciding with an increase in organised cyber crime. Experian reports that the rate at which new identity fraud victims are contacting the company continues to grow -- 2,124 victims contacted its Victims of Fraud service for the first time in the second half of 2006, a 69% increase on the same period in 2005. The report reveals that -- for the first time -- fraudsters are now more likely to target a victim by using their current address, rather than a previous address. Present address fraud, which requires sophisticated methods involving mail interception or redirection, accounted for almost half (45%) of all cases reported in the second half of 2006. Almost half (49%) of the individuals who identity fraud coincides with increasing activity in this space from organised crime, but the opportunistic identity fraudster remains a very real threat to consumers, too. We should all be looking after our personal information because it is as precious as the cash in our wallets. But we must also be aware of the need to protect our technology, as organised criminal gangs often source vast amounts of data online before implementing sophisticated fraud against a wide range of victims." No one should heed the cyber threat more than the hapless British expatriate. Wealthy, relatively sophisticated and keen to play with the latest technology, he or she is the ideal target for the cyber monster. So remember to follow your security guidelines at all times and, wherever you are, keep your personal financial information armour-plated. *On balances of £1,000+. **Gross rate 5.40% PA, minimum balance £5,000. ***Gross rate 5.37% PA, paid monthly, minimum balance £10,000, Premier Customers only. Standard rate is 5.20% AER / 5.08% Gross. eSaver Offshore: Full terms and conditions available on our website. Account must be applied for and operated online. E-mail address is compulsory. Minimum opening deposit £1,000. Account must be opened with money that is not already deposited with the bank. Maximum balance £1,000,000. Withdrawals available without notice or penalty. Minimum withdrawal £1,000. Withdrawals may be made free to a UK bank account by BACS payment (up to 5 working days). Charges apply for other types of withdrawal. No cash or cheques. Interest paid annually in arrears on 31 March. Interest rate is 6.40% gross p.a./AER Variable from 19 July 2007. Gross is before any deductions. AER - Annual Equivalent Rate illustrates the interest rate if interest was paid and compounded each year. Interest may be paid free from tax offshore depending on your country of residence for tax purposes. EU Savings Tax Directive rules apply to EU resident customers. Deposits made with an Isle of Man office of Alliance & Leicester International Limited are covered by the Isle of Man Depositors' Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991. Alliance & Leicester is the registered trade mark of Alliance & Leicester plc. Alliance & Leicester International Limited, PO Box 226, 19/21 Prospect Hill, Douglas, Isle of Man, IM99 1RY, British Isles. Incorporated in the Isle of Man (No. 81918C). Licensed by the Isle of Man Financial Supervision Commission for banking business. eSaver Offshore Issue I Apply online today! Access your savings online! Click www.esaveroffshore.co.im EXPAT INVESTOR ESAVER JULY 07 Interest Rate (AER) Variable Compare our rate % 6.40 Alliance & Leicester International eSaver Offshore Source: Providers' websites 17 July 2007 Bradford & Bingley International Northern Rock Guernsey HSBC Bank International eAccess Offshore Tracker Online Online Saver 6.10 5.25 5.50 % % %*** ** * Fast Facts 66110 Scarborough Channel Islands has launched a limited issue 90-day sterling notice account to attract new customers. The minimum investment sum is £5,000. Guernsey-based Scarborough CI says that the Offshore 90 Direct account offers two rate guarantees. The rate of 6.30% pa (6.15% monthly) is guaranteed until 31 July, 2008. If the Bank of England base rate exceeds 6.30% during this period, the account will match and track this rate until 31 July 2008. Thereafter, the account will track and match Bank of England base rate (--0.15% monthly interest) until 31 January 2010. The minimum withdrawal sum on the 90-day notice basis is £1,000. Interest is paid annually on 1 January, 30 April, or on a monthly basis. Deposits can be made by cheque or direct bank transfer. ALLIANCE & Leicester International (ALIL) has launched a new internet savings account. Offering "a market leading rate of 6.15% gross (AER)". The account enables expatriate customers to both apply for and manage their savings online, confirms ALIL. Called the eSaver Offshore account, it becomes the first offshore savings account to offer an online application process without the need for a 'wet' signature. The account has been designed to enable customers to both buy and manage their account online and in return, "receive a great rate of interest on their offshore savings". ALIL explains that the online application process eliminates the need for excessive paperwork by using ALIL's internet banking service to provide secure, online, two-way communication instead. This allows applicants to apply from wherever they live or work in the world and to complete the application process with minimal inconvenience. Simon Hull, managing director, tells Expat Investor,"The new process brings a much needed real time element to offshore banking. Historically, the offshore market has lagged behind onshore, but with the launch of the eSaver Offshore account, customers really will be able to apply for, and access their savings account any time, anywhere. We are confident that eSaver Offshore provides today's expatriate with a fast application process and ease of use, together with the best rate available." The key features of the new account include instant access, annual interest payments, and a low minimum balance £1,000. The account is available to both new and existing ALIL customers. There is an online application process, no paper statements are provided; up-to-date transaction history can be viewed online, and deposits and withdrawals are completed electronically for speed and security ALIL points out that the typical application process for a new offshore savings account can take weeks depending on where applicants are located around the globe. The Bank's new eSaver Offshore account process will reduce this procedure significantly. Mr Hull adds, "Offshore savers are calling out for true end-to-end online banking capability. Our new 'eSaver Offshore' product offers exactly that and allows customers instant access, with the best interest rate on the market." www.alil.co.im Internet savings account from ALIL contacted Experian did not realise they were a victim until they were contacted by a financial services company. The second largest proportion (41%) became aware that they had been targeted when they obtained a copy of their credit report and saw fraudulent accounts had been opened or applied for in their names. Jill Stevens, Director of Consumer Affairs, tells Expat Investor, "The latest dramatic increase in