Scarborough Launches Family Friendly New Account To Promote Savings Habit

Press release published on 20 November 2006 by Scarborough Building Society

Scarborough Building Society is launching a market leading new family savings account to encourage more people to build up some savings for the future.

The branch-based Family Saver will offer an interest rate of 4.80%, from just £1, and is available exclusively to families with children from Friday, 1 December.

The interest rate is guaranteed to match the Society’s ever-popular Young Super Saver account – creating a suite of family-friendly products which complement each other in encouraging all members of the family to develop the savings habit.

The launch of the new Family account is also part of a general drive by the Society to promote its branch network and encourage more people to visit regularly to receive support with all their lifelong financial needs.

The account is open to parents, or legal guardians, of children who have a new or existing young Super Saver account. It is exclusively available through Scarborough Building Society’s branches in Scarborough (including Newby), York, Middlesbrough, Leeds, Hull, Lincoln, Bridlington and Nottingham.

Features of the new Family Saver will include easy access with no withdrawal or deposit restrictions; one rate regardless of balance or withdrawal activity, and the account can be opened with as little as £1. The account also offers a traditional passbook, so families can easily keep track of their savings.

Young Super Saver is a very popular children’s savings account which has featured regularly in children’s savings best buy tables, and forms part of the Society’s Smart Kids range.

In keeping with the family theme, and in line with its developing Corporate Social Responsibility commitment, Scarborough will donate £1 for each account opened (subject to a guaranteed minimum of £500) to a good cause in the local community surrounding each branch.

Family-oriented organisations will be selected for support, with full details of benefiting good causes to be revealed shortly.

Head of Group Marketing Tony Burdin said: ‘Lots of organisations have focused on older savers, with special incentives for people over the age of 55, for example.

‘We offer accounts which are attractive to people within this group, but to some extent, this is missing the point, as the older generation – who are often more affluent because their children have grown up and they have progressed in their careers – don’t need any encouragement to save.

‘However, today’s young families are the ones facing higher costs for their children’s education and first home deposits – as well as often being caught up in the contemporary spiral of debt, which is unprecedented.

‘We believe it is they who need the encouragement and incentives to save for a rainy day, and that’s why we’ve launched this new account, which we believe is outstanding in the marketplace.

‘We hope that, with its flexible features, it will convince families that they don’t have to be wealthy to put something by for the future, and that even a few pounds can make a big difference.

‘For example, saving just £20 per week would provide a nest egg of £2,080, plus interest, in just two years.’

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