Sterling Savings Bank Issues High Interest Rate Savings Bond

Following the success of their previous 12-month Fixed Rate Bond Issue 27, Bradford & Bingley International (BBI) have launched a new one year offshore savings bond. The account is being offered as a limited-edition bond, which will close on the 30th of May, 2007, or earlier if fully subscribed. The sterling bond is available for deposits of £10,000 or more and pays up to 5.90% gross per annum depending on whether customers opt to have their interest paid monthly or at closure. The account will particularly appeal to expatriates looking to supplement their monthly income through high interest

fixed rate savings and who wish to maintain a tax efficient sterling savings account.

BBI bond holders also have the additional convenience of an emergency withdrawal facility. Should customers need access to their funds before the maturity date, they can do so subject to an interest penalty of 90 days on the funds withdrawn. Not surprisingly BBI’s last fixed-rate sterling bond, issue 27, sold out within weeks of launch and it is expected that this issue will be fully subscribed before the closing date. Bradford and Bingley International has developed a range of specialised savings accounts which reflect the different lifestyles and requirements of expatriates living, working or retiring abroad. The bank is based on the AAA rated Isle of Man and is a wholly owned subsidiary of the well-known UK bank, Bradford and Bingley plc. It has customers in over 125 countries, especially in Spain, France and Commonwealth countries, and holds offshore assets exceeding GBP 3 billion.

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).