Scarborough Launches Exclusive Branch Notice Saver Paying Up To 6.25%

Press release published on 29 October 2007 by Scarborough Building Society

Scarborough Building Society is rewarding branch-based savers with a market-leading new account paying up to 6.25% APR.

The limited edition Branch Notice Saver account offers savers the opportunity to make the most of the current high interest rate environment with an account that guarantees to exceed the Bank of England base rate plus 0.25% for the first year.

This account can be opened and operated exclusively through Scarborough’s nine branches, spanning Yorkshire, the North East, Lincolnshire and East Midlands. It follows hot on the heels of the Society’s Direct Exclusive Saver, launched to appeal to the Society’s nationwide customer base.

The minimum opening balance is £1,000 and customers are required to give 80 days notice for withdrawals, or access their cash instantly with 80 days loss of interest.

Available to new customers and existing customers making new deposits, the Branch Notice Saver will complement Scarborough’s highly competitive savings range, which is regularly recognised in independent newspaper Best Buy tables for its competitiveness.

Head of Group Marketing David Wormall said: ‘As a mutual, our commitment to offering our members long term, good value products is reflected in our consistent mentions in best buy tables.

‘With the current uncertainty over whether interest rates will change before the end of the year, this account offers customers the certainty of a competitive rate, combined with a guaranteed rate in year one.’

For more details of Scarborough’s branch network, please visit www.scarboroughbs.co.uk.

Branch Notice Saver Product Details

• Interest can be taken annually or monthly
• Rates are currently 6.25% (or 6.05% monthly),
• The rate during year 2 will equal base rate (Base Rate -0.20% for monthly interest)
• The rate in year 3 and beyond will be variable
• Withdrawals can be made with 80 days notice or immediately with 80 days loss of interest,
• Minimum balance £1,000, maximum £1 million
• If the balance falls below £1,000, the Society’s variable base savings rate will apply

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