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Expat Investor : July August 2007
The crème de la crème for expat savers We asked the offshore deposit takers who regularly make an appearance in our best buy offshore savings league table to present their market views and best product news. Expats looking for the most profitable niches for their savings will find a wide choice of tempting offers. ABBEY INTERNATIONAL The market for sterling savings accounts has been fast moving and dynamic this year, with two changes to Bank of England base rate so far account interest rates are now back to levels last seen in April 2001, when the UK base rate stood at 5.50%. When markets move quickly in OFFSHORE SAVINGS expatinvestor.com 6 EXPAT INVESTOR July/August 2007 Fast Facts 66004 this manner, it can be difficult for savers to keep track of the rate of interest they are receiving on their accounts. Abbey International has a range of Base Rate Tracker accounts, which are all guaranteed to move their interest rates within two days of any change to Bank of England base rates. Accounts offered feature both annual and quarterly interest, the latter being a useful feature for those seeking income. Base Rate Tracker Term Issue 6, a new one year product, is currently paying a variable bonus enhanced rate of 5.80% gross AER until 30 August 2007. From 31 August until 31 December 2007, the rate will be UK base rate plus bonus of 0.10%, and from 1 January 2008 until maturity on 6 May 2008, the interest rate will track UK base rate. Abbey International's suite of Base Rate Tracker accounts offer sterling savers simplicity, transparency and the certainty that the interest rate on their savings account is guaranteed to rise within two days of any UK base rates rise. and at least one further interest rate increase forecast by many commentators this year. The driving force behind this has been retail price inflation, which has moved outside of the Bank of England's guidance limits to 4.5%, according to data issued by the National Statistics Office. For savers, this means savings ALLIANCE & LEICESTER INTERNATIONAL There can be no more suitable contender for online banking services than the British expat. Alliance & Leicester International (ALIL) has continually upgraded and redefined its market leading website and internet banking system to ensure it offers the best service to, and access demanded by, today's expatriate community, wherever they're located around the globe. The new look website has been modified following customer feedback. With ever-increasing numbers of prospective investors now relying on the internet as the most effective medium for comparisons, ALIL is keen to make sure its website reflects the needs of consumers. The internet is an increasingly important part of ALIL's strategy. It is impossible to ignore the impact of e-commerce on financial services.