Bank of Scotland Sterling Offshore Fixed Rate Savings Account

jaqui59

Could someone have a glance at this for me http://www.bankofscotland-international.com/personal-banking/sterling-accounts/fixed-rate-savings-account.asp

Ive got £18,000 to invest right now and am awaiting money back from Icesave which I would be also reinvesting ... It looks as though you can keep adding to this Offshore Fixed Rate Savings Account which would suit me really well, (and it pays monthly interest!!!) but in my naivity it all looks to good to be true, and I dont know the ins and outs of investing offshore and whether it should be avoided ... Also is money in Offshore Accounts protected in the same way as money invested in the UK?

Hope someone can help :beer:

Bromley86

There's no teaching some people .

I know, you're asking here, but that's how people got themselves into trouble in the first place.

If you click on the Legal Info at the bottom of that page, you'll see:

Compensation Schemes
[FONT=Arial,Arial][FONT=Arial,Arial]Deposits made at Isle of Man branches of Bank of Scotland plc and Bank of Scotland International Limited are covered by the Depositors' Compensation Scheme contained with the Compensation of Depositors Regulations 2008 (as amended). [/FONT]

[FONT=Arial,Arial]The scheme compensates people who have money in current and deposit accounts in the Isle of Man with up to a maximum of £50,000 of net deposits* per individual depositor per licensed deposit taker. This means that a maximum of £50,000 compensation is payable per individual depositor per licensed deposit taker, irrespective of which country they live in. Isle of Man Branches of Bank of Scotland plc and Bank of Scotland International Limited are separately licensed deposit takers. They are both members of the scheme. [/FONT]
[FONT=Arial,Arial]* Net deposits: Loans may be netted off against any deposits you have with the same deposit taker. [/FONT]

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Please note that accounts in the Halifax International name are deposits with Bank of Scotland International Limited, Isle of Man Branch.

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So avoid unless you know what you're doing.[FONT=Arial,Arial]

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PremierFella_2

Also the OP seems to be suggesting that you can keep adding to the account. It is clearly stated that:

"If you want to add more funds, simply open additional accounts. No additional deposits or withdrawals are permitted during the term."

Thus any additional deposits will be into new fixed rate accounts fixed at the rate applicable on the date of those additional deposits (which given the current movement in fixed rates is likely to be lower).

As Bromley86 said, avoid unless you know what you're doing and are aware that if Halifax International were to fold you could have a long wait to get some or all of your money back.

miserable_ol_so_n_so

Bromley86 wrote: »

There's no teaching some people .

I know, you're asking here, but that's how people got themselves into trouble in the first place.

If you click on the Legal Info at the bottom of that page, you'll see:



So avoid unless you know what you're doing.[FONT=Arial,Arial]

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But first the bank must go bust. How likely is that? will the uk government allow this uk bank to go bust? I agree, if it did, then depositors will have a problem. That is the chance one takes.