Abbey International - 12 per cent gross

wkt54

Just seen an add they are offering 12 per cent for up to £2500 per month, offshore.

Is there any better than this?

apt

Bear in mind that you would also have to open an offshore current account with Abbey and fund it regularly. The current account has a min balance of £5,000 and does not pay interest on this. In the unlikely event of them keeping the 12% rate for a long term you could make a good return but I don't think it's worth the hassle and lack of FSCS compensation cover.

wkt54

Does anyone know how much interest you would get after one year, if they kept the 12 per cent, and I put in £2500 each month.

Tks

Baldur

Plug your figures into the Savings Calculator

musehead

£1800 before tax (not taking compounding into account)

YorkshireBoy

(12 x £2,500) x 12% / 12 x 6.5 = £1,950 gross.

Plus, if you're not paying in from income, you'll be earning interest on the account you're drip-feeding from.

musehead

It is a fixed rate account, 12% for one year, but you need to keep at least £5000 in the offshore "Gold current account" and pay a regular income into there. This pays no interest so effectively you will be getting less than 12% on all your money in Abbey.

beardiedog

It's just another example of Abbey's 'looks good but isn't really' savings schemes.

Farway

From web site http://www.abbeyinternational.com/MOS.asp

"Interest rates are correct as at 08 September 2008."

Do you really think or know this is the current interest rate, given plummeting world wide ones?

For instance 6% US when the current US bank rate is " between zero and 0.25 per cent"

ref http://www.dailymail.co.uk/news/worldnews/article-1095804/Free-money-U-S-slashes-rates-close-0-battle-depression.html

Somehow I do not think so, more likely the web site has not been updated for a while