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Expat Investor : July August 2008
NEWS expatinvestor.com 2 EXPAT INVESTOR ? July/August 2008 Fast Facts 66111 Fast Facts 66110 Fast Facts 66112 Kaupthing Edge guarantees savings rate until 2012 KAUPTHING Edge, the online retail financial services offering of Iceland’s largest bank, Kaupthing hf and its subsidiary, Kaupthing Singer and Friedlander (Isle of Man), has launched a market- leading savings account based on the Isle of Man. Kaupthing Edge is available as a sterling, euro or US dollar account, and can be held in sole or joint names. The account has been designed to enable customers to set up and manage their account online and in return says the Bank, receive a “market-leading rate of interest” on their offshore savings. The key features of this account include 6.86% AER sterling rate, 4.65% AER US dollar rate, and 5.12% AER euro rate. The minimum balance to open an instant access account is £1,000, or US$2,000, or €1,500. Accounts can be opened in joint names (up to two account holders) and the interest rates are guaranteed to be a minimum of 0.3% above sterling base rate until 1st February 2012. Customers have 24 hour online access. Fixed term deposit accounts may also be held in joint names and at present the terms for fixing are 6 months, 1, 2 and 3 years. Aidan Doherty, Managing Director of Kaupthing Edge Isle of Man, comments, “Kaupthing Edge is a great account for offshore savers; it not only offers a market leading return on your money but also 24/7 online access. We offer offshore savers the opportunity to apply for and manage their Kaupthing Edge account at any time and any place. “Kaupthing Edge has a fantastic track record of offering market leading instant access savings accounts within Europe and here in the Isle of Man we have a strong legacy and reputation for providing long term attractive rates on savings and investments. “The Edge offshore account draws on the expertise of our existing operation on the Isle of Man, complementing our existing portfolio of market leading products which give customers a great return on their savings.” ALIL’s new eSaver Offshore Flexible Income Account FOLLOWING on from the success of its internet savings account – eSaver Offshore Issue 1 – Alliance & Leicester International Limited (ALIL), based on the Isle of Man, has launched its eSaver Offshore Flexible Income account. ALIL says that this new account offers “a competitive rate of 6.35% AER, with the option of either monthly or quarterly interest payment, and it allows customers to apply for and manage their savings online, with no need to print and post an application form.” What’s more the account ensures easy access to savings as customers can withdraw up to £5,000 a month without notice, for unforeseen expenses. “It even provides customers with the unique feature of being able to change online, whether they receive interest on a monthly or quarterly basis,” confirms ALIL. Simon Hull, Managing Director, tells Expat Investor, “The launch of our eSaver Offshore account last year simplified the offshore savings experience for expats, enabling customers to apply for, and access their savings account any time, anywhere. Following this success we’ve gone that extra step and launched a great new product that provides offshore customers with even more flexibility. “Our new eSaver Offshore Flexible Income account has been designed specifically for expat savers who require a regular income from their savings, providing them with the ease of an online account, strong rates and the opportunity to make a penalty- free withdrawal of £5,000 every month.” Research conducted by ALIL has found that six in 10 (59%) ALIL customers opted for an eSaver account because of its online application process while over half (51%) chose ALIL due to its secure online banking facilities. ALIL’s unique MBOS (MyBankOffshore internet banking) has also proved popular, with 83% of customers using the system regularly and 90% saying they find the online banking process easy to use. Other key features of this account interest earned daily and paid either monthly or quarterly – interest payment preference can be changed online once annually for free, minimum opening balance of £25,000, maximum of £1,000,000, one immediate withdrawal without penalty of £5,000 per calendar month, and access to further funds with 60 days’ notice, online account application, account managed online. BARCLAYS Stockbrokers is predicting that sterling base rate will fall to 4.25% by the end of 2008 and forecasts that there’ll be a 1.6% Barclays Stockbrokers predicts rate fall to 4.25% by year end forecasts are for growth of just 1.6% this year compared to the 3% expansion recorded in 2007. However, outside the housing market and survey data, there is little hard evidence of a marked slowdown in UK aggregate demand. “Headline inflation is likely to remain elevated for most of 2008, while CPI inflation is currently running at 2.4% and is set to move higher over coming months thanks to higher energy prices and the recent depreciation of sterling. However, it should start to moderate into 2009 as the softer growth backdrop reduces capacity pressures in the economy, and commodity price inflation wanes. “Despite the upside risk to inflation, we expect the Bank of England to reduce interest rates gradually over the coming quarters, with rates finishing the year at 4.25%.” UK growth this year. Henk Potts, Equity Strategist at Barclays Stockbrokers, tells Expat Investor, “The Monetary Policy Committee is caught between a slow growth rock and a high inflation hard place. UK economic growth is clearly moderating; consensus
May June 2008