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Expat Investor : July August 2007
Indeed, APACS in the UK indicated that, late in 2006, the number of internet bankers exceeded the number of telephone bankers for the first time. For many years expatriate communities were dominated by those who had retired overseas and were slow to take up the internet as a channel for banking. This situation is changing rapidly thanks to the growth of better quality internet connection speed available overseas and the over 50s now represent the fastest growing adopters of the internet of any group. Expat consumers are demanding increased access to their finances online, including the facilities to manage their savings online and apply for products online. As a result, and following the redesign of the website, ALIL has launched a new instant access internet savings account which, it hopes, will go some way to revolutionising the world of offshore banking. The new eSaver Offshore Issue 1 offers a market leading rate of 6.15% (AER), whilst enabling expatriate customers to both apply for and manage their savings online. eSaver Offshore, can be opened with as little as £1,000 and is the first offshore savings account to offer an online application process without the need for a 'wet ink' signature. The product has been designed to enable customers to both buy and manage their account online, and in return, earn a great rate of interest on their offshore savings. The online process eliminates the need for excessive paperwork by utilising ALIL's internet banking service to provide secure, online, two-way communication instead. This allows customers to apply from wherever they live or work in the world and complete the application process with minimal inconvenience. BANK OF SCOTLAND INTERNATIONAL For savers, the current upward pressure on UK base rates is creating many more savings opportunities than would normally be available. In the 15 months from August 2005 to November 2006, for example, UK base rates rose on just two occasions. UK base rates have risen again recently, pushing up to 5.5%, a level not seen since April 2001. Some commentators feel they may even rise again, to 5.75%. But base rates do not actually need to rise for savers' rates to move higher, as many savings accounts, particularly fixed rate savings accounts, are now fixed against the wholesale money market interest rates. These can and do change on an hourly basis and tend to lead any movements in UK base rates. Specialist offshore savings banks such as Bank of Scotland International use their Treasury functions to lock into these higher rates in the wholesale money markets and then are able to pass them on straightaway to their customers in the form of fixed rate products, irrespective of what may or may not have happened to UK base rates. To illustrate this pattern, you need look no further than the award winning range of fixed rate Halifax International Guaranteed Reserve accounts, which are currently paying OFFSHORE SAVINGS July/August 2007 EXPAT INVESTOR 7 Fast Facts 66005 Enjoy the world of international private banking. Open an account with RBC and you will enjoy the benefits of a dedicated Private Banker to understand and manage your financial requirements and aspirations. Ideal for people who live or work overseas, or those who have investments, personal or business interests in more than one country. Choose from a range of currency options and online access offers you flexibility and control, while a VisaTM Gold debit card provides worldwide access to your funds. As a client of RBC you gain access to the RBC Financial Group network of offices and services including international banking solutions, credit solutions, a wide range of investment solutions and integrated wealth management solutions. Av ailable with a minimum deposit of £50,000 or currency equivalent, the Executive Plus Account is a complete international banking solution. It's an account that will take you wherever you want to go. To find out more, please contact Phil Smith or Scott Grant on: +44 (0)1534 283838 email firstname.lastname@example.org or log on to www.rbcprivatebanking.com/international-banking.html BANKING • CREDIT • INVESTMENTS • TRUST • TAX CONSULTANCY FOR THOSE WITH WIDER HORIZONS. BANKING SOLUTIONS THAT TRAVEL WITH YOU. Understanding life, understanding you. INTERNATIONAL BANKING FOR GLOBAL LIFESTYLES. This advertisement is issued by Royal Bank of Canada (Channel Islands) Limited ("RBC"). RBC is incorporated in Guernsey and is regulated by the Guernsey Financial Services Commission in Guernsey and by the Jersey Financial Services Commission in Jersey. RBC is registered under the Banking Business ( Jersey) Law 1991, and the Banking Supervision (Bailiwick of Guernsey) Law 1994, to conduct deposit taking business and regulated under the Financial Services (Jersey) Law 1998 and the Protection of Investors (Bailiwick of Guernsey) Law 1987, to carry on investment business in Guernsey and Jersey. A copy of RBC's General Terms and Conditions are available upon request. As at 31 October 2006, RBC paid up capital and reserves were £269,582,000 and deposits are accepted in all major currencies. Deposits made with the offices of RBC in Guernsey and Jersey are not covered by the UK Financial Services Compensation Scheme. Copies of the latest audited accounts are available upon request from either the registered office: PO Box 48, Canada Court, St Peter Port, Guernsey, GY1 3BQ or the Jersey Branch: PO Box 194, 19/21 Broad St, St. Helier, Jersey JE4 8RR. ® Registered trademark of Royal Bank of Canada. Used under license. VisaTM Registered trademark of Visa International Service Association, used under license. You should note that depending on your citizenship, residency and financial status, some services may not be available to you and are only provided by certain sister companies of RBC. JSY/BKI/07/243 ANGLO IRISH BANK ISLE OF MAN Predicting future interest rates is difficult, as there are just too many variables in the global economy. However, with recent rises in the Bank of England base rate, it looks like sterling savings accounts are going to be an increasingly attractive option for many expats, at least for the foreseeable future. We wanted to pass on the benefits of the sterling base rate rise to savers as soon as possible and have, therefore, increased rates on our award winning Privilege range of accounts, effective from May 21. Savers are certainly going to welcome these new higher rates. At 5.85%, our 7 Day Notice Account is offering the sort of interest rate normally associated with longer term deposit accounts. For those willing to give more notice, our 90 Day Account now offers a very competitive 6.00%. It's not so long ago that to achieve anything like this rate, savers would have had to put money on deposit for 12 months or more. Continued on page 8 Expats tend to be very interest rate aware, and understand that having a competitive savings account can provide a solid basis for their investment portfolios. For many expats 'cash is king', as it provides the sort of flexibility they need, and the new higher sterling rates mean that the trade off between interest rate and access is much more in their favour. We expect, therefore, that our new higher interest rates will be extremely popular with expats, who will also know that Anglo lives up to its promises when it comes to keeping rates consistently competitive, and that we back this up with a high level of customer service. Readers can turn to page 12 of this issue to compare and contrast interest rates currently offered on a wide range of sterling, euro and US dollar offshore accounts.