Bradford & Bingley International’s first Internet savings bond has taken five times the amount of deposits than anticipated.
Douglas, Isle of Man (eNewsWire) 7 January 2008 – The first ever Internet savings bond released by offshore savings specialists Bradford & Bingley International has been hugely oversubscribed by members of the expatriate community.
When it was launched last year, the eBond Issue 1 offered an attractive 6.65% fixed interest as soon as funds were received into the account. Interest was fixed despite any reduction in the Bank of England’s base rate. Unusually the account was a 6 month fixed rate bond which appealed to many savers unwilling to commit funds for a whole calendar year.
Acting Managing Director Lynette Byrne said, “We knew the product was competitive and we were delighted to add a bond to our range of internet savings accounts but had not expected the level of interest generated.”
“We are really keen to continually offer our customers competitive, convenient savings and results like this are especially rewarding and help to confirm that we are meeting the needs of international savers,” she continued. “With the success of eBond Issue 1 we will certainly be looking to introduce more internet bonds in the near future.”
Bradford & Bingley International is a leading offshore savings bank based on the AAA rated Isle of Man. It offers a wide range of tax efficient savings accounts for international and expatriate customers as well as Isle of Man and Channel Island residents.
For further information, please contact Bradford & Bingley International on + 44 (0) 1624 695000.
Bradford & Bingley International
30 Ridgeway Street
Douglas, Isle of Man, IM1 1TA
+ 44 (0) 1624 695000
Note to editors:
Information about Bradford & Bingley International can be found at the following web address – www.bbi.co.im
Bradford & Bingley International Limited is licensed by the Isle of Man Financial Supervision Commission to conduct banking business and is a wholly owned subsidiary of Bradford & Bingley plc
Bradford & Bingley plc has given a legal undertaking agreeing to discharge the liabilities of Bradford & Bingley International Limited in so far as Bradford & Bingley International Limited is unable to discharge them out of its own assets and while Bradford & Bingley International Limited remains a subsidiary of Bradford & Bingley plc. Under Isle of Man legislation, deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991 (as amended).