British Airways and Royal Bank of Canada today (May 17) announced the launch of British Airways Global Financial Services - a major strategic alliance between the two organisations - which takes off with the Offshore Deposit Account from June 1.
This is the first in a range of innovative products developed following extensive research and tailored to meet the needs of frequent travellers, expatriates and those with international personal and business interests, including members of British Airways` Executive Club.
This service will be provided by RBC`s international private banking arm, Royal Bank of Canada Global Private Banking.
Robert Ayling, British Airways Chief Executive said: “British Airways is committed to giving unrivalled service and offering high quality products for premium customers. This relationship with RBC will give further effect to this commitment. We look forward to working with RBC to introduce additional new products over the coming months.”
The Offshore Deposit Account will offer:
* An account in any of the world`s major currencies
* 24 hour availability, seven days a week via global freephone and transactional internet services
* Multi-currency cheque and card facilities for easy access to funds
* A dedicated relationship manager for personal contact
* Competitive monthly fixed rate of interest paid gross of tax
* An option to pay multi-currency standing orders / bills at no charge, to and from any country
* Opportunity to earn miles
The Offshore Deposit Account will be available globally from 1 June. In a phased launch the initial focus will be on the UK market. Other regions and additional services will be added over the forthcoming months.
The new account will have a minimum opening account balance of £10,000, (or rounded currency equivalent) and is designed to act as an additional account to run in conjunction with the customers` traditional bank account. The account will be provided by Royal Bank of Canada (Jersey) Limited.