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Expat Investor : January February 2008
least the end of 2008. Finally, being an offshore account, eSaver offers payment of interest gross, without any local taxes applied (although European Union residents may be subject to withholding tax under the EU Savings Tax Directive)." Derbyshire Offshore (now owned by Kaupthing Singer & Friedlander IOM) currently offers two accounts which track the Bank of England base rate. ISLE OF MAN expatinvestor.com 14 EXPAT INVESTOR January/February 2008 International (ALIL) is also developing its online banking technology with its internet savings account. ALIL claims that the eSaver Offshore, launched last year, is the first offshore savings account to offer an online application process without the need for a 'wet' signature, thus cutting weeks off the typical application process. Designed to enable customers to buy and manage their account online, eSaver Offshore allows applicants to access their finances from anywhere in the world. Sales and Marketing Manager, Simon Ripton, tells Expat Investor, "Not only does the eSaver Offshore reduce the amount of time it takes to set up an account, it makes it easier for expats to manage their money. Account balances, historic transactions and payments instructed can be viewed online by use of the bank's secure online message service, at any time from any location around the globe. Numerous offshore saving customers have commented on how simple the account set-up process is,however, Alliance & Leicester International is not complacent and intends to continue leveraging the power of the internet with additional online functionality and security plans in development." Watch this space. Britannia International reminds expats that one of the keys to successful saving is to make it a regular habit but, adds this deposit- taker, there are surprisingly few expatriate accounts on the market rewarding monthly savings. The new Regular Saver account from Britannia International is designed to fill this gap and is aimed specifically at helping savers build up a lump sum. "The account is very simple to operate," reassures Britannia International. "Savers commit to making a monthly deposit, which can be from as little as £50 up to £5,000, paid by direct debit. This makes it an easy way to save as, once the account has been opened, there's no need to worry about remembering to post cheques or arrange monthly electronic transfers. "As well as an attractive rate of interest, paid on all balances from £50 upwards, an extra 0.50% interest bonus is available each year. This is paid where monthly payments are maintained throughout the year and no more than one withdrawal is taken, providing the perfect incentive to keep on saving." Britannia International also offers a range of other offshore accounts, including easy access, notice and fixed rate products, as well as its Deferred Interest account, which allows savers to choose when interest is paid -- and their tax liability due -- any time after a two-year investment period. Britannia International also launches on a regular basis Continued from page 13 any internet connection, anywhere -- providing 24/7 access and control. No notice is required for withdrawals and there are no charges or penalties levied (provided no more than three withdrawals are made per annum). "The account is easy to set up, making it the ideal option for busy people. eSaver doesn't just offer a high rate, but guarantees that the interest rate will remain above the Bank of England base rate until at First, its Limited Edition Base Rate Tracker offers savers a competitive variable rate of 6.52% gross/AER on balances of £5,000 to £2m. Easy access to funds is assured with four notice free withdrawals allowed each year for any amount and further withdrawals with a 30- day interest charge. The interest rate also comes with a double guarantee -- to be at least 0.15% above Bank of England base rate until 1st May 2008 and then no more than 0.25% below the bank rate until 1st May 2009. And, second, its Income 60 Tracker account pays interest of 6.54% AER (6.35% gross) on balances between £10,000 and £2m and provides monthly interest payments at a rate guaranteed to be within plus or minus 0.25% of the Bank of England's base rate until the end of 2008. Alliance & Leicester Isle of Man's financial pulling power