New Scarborough Savings Account Offers Market Leading 5.50% With Easy Access

Press release published on 20 December 2006 by Scarborough Building Society

Scarborough Building Society is launching a new Click and Save account, offering a market leading rate of 5.50% for annual interest on balances of £1,000-plus, with the added benefit of easy access without notice or charge. The account is available for a limited period from 22 December 2006.

And applying couldn’t be simpler. Customers wishing to take advantage of these outstanding features can complete an online application form via the Society’s website at www.scarboroughbs.co.uk, print and post it off with a cheque for their opening deposit. After opening, customers can operate the account by using the Scarborough’s efficient telephone and postal service.

And, what’s more, the new account offers protection against current interest rate uncertainties, by guaranteeing this great rate until 31 January, 2008.

Then, until 31 January, 2009, the account will track the Bank of England Base Rate, currently 5%, so savers can rest assured they will be getting a competitive deal in the longer term.

Head of Group Marketing, Tony Burdin, said: ‘This limited issue account is designed to be simple and rewarding. By giving customers this self-service option for opening a Click and Save account, we are minimising administration and, therefore, making the application process more convenient for customers.

‘This means we can pass on our savings to them in the form of a great rate, coupled with the added benefit of easy access to their cash with no penalties.

‘This is all part of Scarborough’s promise to offer straightforward, long term good value, backed by excellent customer service.’

Any customers wishing to find out more about the above account should visit www.scarboroughbs.co.uk.

Product Details

• Customers can invest between £1,000 and £1,000,000
• After 31 January, 2009, the Click and Save account interest rate will equal the Bank of England Base Rate minus a variable percentage, currently 0.50% (0.65% for monthly interest)
• The guaranteed rate of 5.50% applies to annual interest accounts
• Customers choosing to have their interest paid monthly will receive 5.40% until 31 January, 2008, followed by 4.85% to 31 January, 2009.

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