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Expat Investor : July August 2008
July/August 2008 ? EXPAT INVESTOR 5 NEWS We’re dedicated to putting our customers’ interests first. That’s why we launched Kaupthing Edge – the online savings account with the long-term rate commitment and now available offshore. Our savings account has a highly competitive GBP 6.86% AER, EUR 5.12% AER or USD 4.65% AER. We promise to keep your interest rate at least 0.30% above Bank of England, European Central Bank and US Federal Reserve of? cial rate until 1 February 2012, on balances of £GBP 1,000 €EUR 1,500 or $USD 2,000 or more. We can offer this commitment for all accounts through our Isle of Man operation because Kaupthing Edge operates online. This also means your account is open 24 hours a day, every day of the year. At Kaupthing Bank, commitment to long-term relationships is part of our core philosophy and is just one of the many reasons we were voted Euromoney Magazine’s Nordic Bank of the Year 2007. So, to share our interests, wherever you are in the world, visit us at www.kaupthing-edge.co.im Kaupthing Edge. The offshore advantage available online. 2012 6.86 Kaupthing Edge. The online savings account with the long-term rate commitment. www.kaupthing-edge.co.im *AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year. For further information on interest payments please see the product Terms and Conditions at www.kaupthing-edge.co.im Kaupthing Edge is a trading name of Kaupthing Singer & Friedlander (Isle of Man) Limited. Registered in the Isle of Man No. 3519. Registered of? ce: Samuel Harris House, 5-11 St Georges Street, Douglas, Isle of Man IM1 1QB. Licensed by the Isle of Man Financial Supervision Commission to conduct Banking and Investment Business. Authorised and regulated by the Financial Services Authority for UK mortgage business only. EUR - 5.12% AER* USD - 4.65% AER* AER* GBP % Guaranteed at least 0.30% above the Bank of England, European Central Bank and US Federal Reserve official rate until 1 February Fast Facts 66002 outgoing flight, if they were unable to meet their subsequent connection booked through another airline they had to purchase a further flight at their own expense. An alarming 12% admitted that they had not taken out any sort of travel insurance at all last time they went abroad. M&S Money has identified these changes in the market and worked closely with AXA Insurance to enhance the M&S Travel Insurance policy to ensure that travellers who book holidays independently of a tour operator are covered if their flights are cancelled and if other elements of their holidays are affected. For more information about the Independent Traveller Insurance or to get a quote, visit www.marks andspencer.com/money DIY deals are top for internet savvy Brits British holiday-makers are choosing cheaper prices and increased choice over the traditional package holiday; but the decline of the travel agent and rise of the internet and budget airlines is pushing the limits of existing insurance policies. These are the findings from a survey undertaken by M&S Money which reveals that the surge in internet usage – two-thirds of households now have a fast broadband connection – and the huge variety of holidays available on internet travel sites has led 50% of online Brits to choose to book holidays independently. The fastest growing reason for trips abroad is visiting friends and family, accounting for 17% of trips: greatly reducing the need for a packaged, all-encompassing holiday and increasing the likelihood of us booking a series of flights individually. As many as 78% of those with internet access use it to research holiday costs and destinations and, with over 70 million trips taken last year, holidays are still big business. M&S Money research revealed that 29% of us are booking each element of our holiday individually. The downside of this is that no one holds overall responsibility for any one trip and, in the absence of a travel rep, ‘DIY' bookers are on their own. This move away from the travel agent booked package has blurred the lines of responsibility and highlighted the increasing risk of individuals not being covered by their travel insurance policy. Traditionally, if an international flight was cancelled or delayed causing a traveller to miss a later journey, the agent would organise alternative arrangements. However a series of flights booked separately would not all be covered by one operator or travel insurance policy; most would only cover the initial international flight. M&S Money found that 35% of UK travellers encountered a cancellation or delayed departure during their last trip and of these as many as 21% of those who encountered these sorts of problems whilst travelling independently, found they were not covered at all for the problems they faced. This is because traditional insurance policies cover holiday- makers in the event of a delay, usually in excess of 12 hours, but often do not cover a cancellation and its effect on the subsequent travel and accommodation. Were the traveller to have booked with a tour operator they would find them another flight or refund their money, however travelling independently you must sort yourself out! The problems associated with this were illustrated by the recent launch of Heathrow Terminal Five. Many travellers found that in the event of the cancellation of their original H OW THE NEW COVER AFFECTS THE POLICY FOR AN INDEPENDENTLY BOOKED HOLIDAY : TRADITIONAL COVER WITH INDEPENDENT TRAVELLER Cancellation or curtailment In event of disaster such as Hurricane Katrina the policy would not cover cancellation or curtailment. Delayed departure Cover is applicable if travel on initial international journey is delayed for more than 12 hours. Cover is not provided for cancellations, only delays. Missed departure Covers missed departure on initial international journey, ie, due to failure of public transport or motorway delays. Accommodation Cover Not covered. All trip costs, such as accommodation, pre-booked transfers and repatriation, will now be reimbursed if the trip is cancelled or curtailed. Cover now included for delayed departure on any connecting flight. The traveller can also choose to cancel their holiday and be reimbursed for the lost accommodation cost if the public transport is cancelled or if they are denied boarding due to over- booking. The traveller will be able to re-claim the cost of the flight from the airline in the usual way. Extension covers additional accommodation and travel expenses if traveller fails to make it in time to board ANY onward connecting public transport including UK connections. Cover for any irrecoverable unused accommodation costs or charges either paid or due if unable to travel due to events such as insolvency of providers, fire, flood, earthquake etc along with any extra travel costs incurred.
May June 2008