Expat rates: as one door shuts, another remains ajar
Offshore savers are used to banks packing up and leaving sadly its been a common occurrence in recent years.
When a banking operation announces it is closing down, its more important than ever for those savers with the bank to keep their eyes on the ball.
After AIB announced that it is to close its business in the Isle of Man (Other OTC: MAGOF.PK - news) , AIB International, it said it would announce how the closure will take place.
We now have more details of how the wind-up will happen. Although the bank is not due to close finally until the end of next year, AIB International is putting measures into place. This means it is a good idea for the 20,000 savers with the bank to make alternative arrangements sooner rather than later.
This is because AIB International has written to all its customers telling them that from June 1, interest rates on all accounts will be reduced.
And in addition, while AIB International used to automatically reinvest fixed-rate bonds into new bonds of the same length, with effect from June 1 proceeds from any bonds maturing will instead be put into the Instant Saver account.
Currently, Instant Saver pays 2.5pc but this will change from June 1 to a less favourable rate. This means that if you have a fixed rate with AIB International, you should make a note of the maturity date and on that date, move the money elsewhere.
Some savers may still have many months to go before their saving deal ends. But if they wish to move their money before then, AIB International will allow withdrawals now without penalty.
While one bank leaves the market, another that had a possibly uncertain future has reaffirmed its commitment to offshore savers.
National Australia Bank has just announced the details of its review of its UK operations, Clydesdale and Yorkshire banks, which includes its Guernsey offshoot Clydesdale International . While the bank has announced onshore cutbacks, the offshore operation is safe. A spokesman for Clydesdale said: I can confirm there will be no changes to Clydesdale Bank International as part of the strategic review outcome.
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Expat rates: as one door shuts, another remains ajar
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