updated 2:27 PM CET, Feb 8, 2023

Now Guernsey’s Skipton Int’l adds US$ accounts for individual investors to its corporate dollar account range

Skipton International, a Guernsey-based and licensed bank, has added a trio of U.S. dollar savings accounts for individual investors to a similar range of U.S. dollar account options for corporate clients that it unveiled earlier this year.

The minimum amount individuals are required to deposit in order to open one of these accounts (for those who aren't already Skipton account-holders) is US$50,000, according to Skipton, on which the annual gross (variable) interest rate is 2.75%.  (For further details, see table, below.)  As reported, bank officials said back in June that they were working at that point on developing a range of similar dollar options for individuals.

In a statement accompanying the announcement of the new dollar accounts for individuals, the bank said it had received “many enquiries from those wishing to diversify their savings portfolios” since it unveiled the corporate dollar accounts, and was convinced that the dollar accounts were “a good offering” for individual investors at the present time.

As of this morning, one British pound was equal to US$1.13, significantly less than just a few months ago.

Key details of the new
Skipton International $ account

Table for story FINAL According to Skipton International, those individual investors who are able to deposit US$5 million or more will be able to earn a higher rate of interest in the bank's new U.S. dollar accounts, as will those who are prepared to give a minimum of 40 or 120 days' notice before withdrawing their funds. (See table, left.) 

Skipton International's business development director, Nigel Pascoe (pictured above left) says that after creating a U.S. dollar account option "that was both rewarding and headache-free" for its corporate clients, the bank realized that the same product could be repackaged and offered to individuals as well, and that, in fact, its corporate clients had actively expressed an interest in such a product.

"It gives individuals something new, at a time when many are looking to rebalance their portfolios," Pascoe added. 

Aaron Walden, Skipton’s Senior Commercial Manager, pointed out that even if the pound regains some or all of its value relative to the dollar, many savers see the value in diversifying their cash deposits, and/or prefer to limit their need to engage in unnecessary currency transfers, if they happen to receive income in dollars rather than UK pounds or other currencies.

Skipton International’s history

Skipton International dates back to 2009, when Skipton Guernsey – a wholly-owned Guernsey-based arm of the Skipton Building Society – and Scarborough Channel Islands amalgamated, following the 2009 merger of their UK-based parent organizations, Skipton Building Society and Scarborough Building Society.

(Building societies, for those American expat readers who aren’t familiar with them, are a type of bank-like entity that is wholly-owned by its members. Also found in such Commonwealth countries as Australia and New Zealand, building societies are best known for providing home mortgages to their members, and in doing this, compete for their business with conventional banks.)

Skipton International itself is a Guernsey licensed bank (as opposed to a building society), while its parent is now the UK's fourth-largest building society out of 43, according to the UK's Building Societies Association.

If Skipton International were a UK building society by itself, it would rank as the 12th largest, Skipton International executives like to add, with assets on deposit totaling more than £2 billion, and a global customer base located in more than 100 countries.

In recent years Skipton International has cultivated the specialist business of providing UK buy-to-let loans to British expats around the world – and in 2019, they extended this offering to non-British citizens interested in buying buy-to-let properties in England, Scotland and Wales.

(A measure of the demand for this service is the fact that Hong Kong residents currently make up 39% of Skipton International’s buy-to-let mortgages.)

Skipton International’s parent, the Skipton Building Society, was founded in 1853 in Skipton, North Yorkshire, where it continues to be based. According to company materials, it has more than 1 million members, with total assets of around £29.5 billion (US$35.73 billion).

News of Skipton International’s new range of U.S. dollar savings accounts for individuals comes less than six months after Guernsey Finance, the marketing arm for Guernsey’s financial services industry, announced that it had hired its first-ever business development director for the U.S. market. In announcing the appointment of Jonathan Gamble in May, Guernsey Finance officials said the move reflected what they saw as a growing awareness in the U.S. of Guernsey as “a key jurisdiction for investment funds, insurance and private wealth.”

More information on Skipton International's U.S. Dollar account for individuals may be found by clicking here. 

Table Oct 24