During the initial launch period up to March 31, 2002, depositors will receive a rate of interest equal to UK base rate plus 0.60%. Thereafter, account holders will still be guaranteed at least the UK base rate, plus 0.30%, until 31st December, 2002. After the initial period, withdrawals can be made, subject to 90 days notice.
"Offshore Base Rate Tracker is aimed primarily at customers who are looking to maximise their returns on funds they are able to commit for nine months or more," said David Siddall, Director, Retail Banking, Abbey National Offshore.
"We feel it will be particularly attractive to investors moving into cash during this period of economic uncertainty."
With a minimum opening deposit of L50,000, interest on 'Offshore Base Rate Tracker' will be calculated daily and credited annually in December.
"Deposits are fully and unconditionally guaranteed by Abbey National Plc, the UK's fifth largest high street bank," said Mike Brighton, General Manager, Dubai Representative Office, Abbey National Offshore.
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Abbey National Offshore launches Base Rate Tracker Account with 100 per cent guarantee
- United Arab Emirates: Monday, October 22 - 2001 at 10:23
- PRESS RELEASE
Abbey National Offshore, one of the world's largest and most successful offshore financial institutions which operates a representative office in Dubai, has launched - 'Offshore Base Rate Tracker' - a Sterling denominated deposit account offering competitive interest rates which will move in line with the UK base rate.
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Notes and media contacts
Headquartered in Jersey, which is widely recognised as one of the world's best regulated offshore centres, Abbey National Offshore also has offices in the Isle of Man, Gibralter, Portugal and Hong Kong.The company has developed a range of accounts tailored to the particular needs of offshore customers, combining high rates of interest with the advantage of an offshore base.
For further product information: Mike Brighton, General Manager, Dubai Representative Office, Abbey National Offshore. Tel: +9714 3310066; fax: +9714 3310064.
For further press information: Nathalie Visele, MCS - Marketing Communications Services, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 3452126; fax: +9714 3460926
Posted by Anne-Birte Stensgaard, News EditorMonday, October 22 - 2001 at 10:23 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Thu Oct 19 2006.
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