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Save + invest = Bank of Scotland Offshore

Bank of Scotland Offshore has introduced save + invest, which combines an offshore unit-linked bond with a fixed interest savings account.

The unit-linked bond element – called the capital investment portfolio – invests in a range of funds managed by Scottish Provident International. Although it is investing for growth, up to 10 per cent may be withdrawn each year without charge. If any more than 10 per cent is taken, investors will be charged an exit fee. This fee reduces by one per cent each year, from six per cent in the first year to nil after year six.

The savings account takes the form of a one-year fixed rate bond which pays 10 per cent interest on maturity. The maximum amount invested in this element must not exceed the amount invested in the capital investment portfolio and if clients want to withdraw their money before maturity, they are charged five per cent of the amount withdrawn.

Save + invest is suitable for UK expatriates and foreign nationals who are used to savings accounts but who are looking for higher growth potential. Although it is likely to suit those who want to take low to medium risks with their money, the withdrawal fees might put some investors off.

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