Click Direct
Up to 6.05% Gross p.a.*/AER** Variable
With our Click Direct account, you can be assured of a simple variable rate account backed up with a rate guarantee in the first and second years. In the first year the annual rate is guaranteed to be at least the Bank of England base rate plus 0.25% (+0.05% for monthly interest accounts). In the second year the annual rate is guaranteed to match and track the Bank of England base rate (-0.20% for monthly interest accounts). In the third year the interest rate paid becomes variable and is no longer linked to the Bank of England base rate.
Click Direct is a limited issue account offering you a “self-service” approach to your finances. The application form is available exclusively from our website. Applying for a Click Direct account couldn’t be easier. Simply read the product details and terms and conditions below, complete an online application form, print it off and send it to us along with a personal cheque. No other payment methods are available.
Introducing this fast track service means we are able to offer you an enhanced rate, so that you can benefit from a simpler and even more rewarding savings experience.
What rate of interest will I earn?
For balances of £1,000 and above, the following variable interest rates currently apply.
Rates effective at 25 March 2008.
| Year One | Gross p.a.* | Net p.a.* | AER** |
|---|---|---|---|
| Annual Interest | 6.05% | 4.84% | 6.05% |
| Monthly Interest | 5.85% | 4.68% | 6.01% |
(Annual rates paid in the first year are guaranteed to pay at least the Bank of England base rate plus 0.25%. Monthly rates paid in the first year are guaranteed to pay at least the Bank of England base rate plus 0.05%. This is a variable rate and can go down as well as up.) |
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| Year Two | Gross p.a.* | Net p.a.* | AER** |
| Annual Interest | 5.00% | 4.00% | 5.00% |
| Monthly Interest | 4.80% | 3.84% | 4.91% |
(Annual rates paid in the second year will match and track the Bank of England base rate. Monthly rates paid in the second year will track the Bank of England base rate less 0.20%. This is a variable rate and can go down as well as up.) (Rates paid in year three onwards are variable and are not linked to the Bank of England base rate.) |
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Is my interest rate guaranteed?
The interest rates are variable. Annual rates paid in the first year are guaranteed to be at least the Bank of England base rate plus 0.25% and monthly rates are guaranteed to be at least the Bank of England base rate plus 0.05%. In the second year the annual rate will then track and match the Bank of England base and monthly rates will track the Bank of England base rate less 0.20%. From the third year onwards all rates paid are variable and are not linked to the Bank of England base rate.
How much can I invest?
You can open a Click Direct account with a minimum of £1,000 by personal cheque only and you can invest up to a maximum of £1,000,000 whilst the issue of the account is open. The account must be opened with money that is not already invested with the Society; this account does not allow transfers in from existing Scarborough Building Society accounts.
Can I add to my account?
Yes, you can add to your account with additional deposits of any value, up to the maximum balance. Deposits can be made to your account by personal cheque, bank transfer or debit card, whilst the issue is open. The maximum amount that you can invest in any one Click Direct savings account is £1,000,000 and your total savings with the Society must not amount to any more than £1,250,000.
Can I make withdrawals?
Yes. No notice is required; however, the minimum amount you can withdraw at any one time is £1,000. If at any time the balance on the account is reduced to below £1,000 the interest rate payable will also reduce and the rate guarantees will not apply.
Can I have more than one Click Direct account?
There is no limit to the number of Click Direct accounts that you can have. This is of course subject to the account being available at the time of application.
When will I receive my interest?
If you choose to have your interest paid annually it will be paid on the anniversary of the account being opened. It can be added to your Click Direct savings account, transferred to another Scarborough Building Society account or paid to another UK bank or building society account in your name.
You may decide that you want to receive a monthly income from your savings. If you choose to have your interest paid monthly it can be added, on the first working day of each month, to your Click Direct savings account, transferred to another Scarborough Building Society account or paid to another UK bank or building society account in your name.
What happens if the balance falls below the minimum required?
The minimum balance required is £1,000. If your balance falls below this level, then the interest rate paid will be equal to the Society's Variable Base Savings Rate. Details are available on request.
What if I change my mind?
As with all our investment accounts you have a 14 day right to cancel period in which you can close your account without charge or penalty. See the Society's General Investment Conditions for full details.
Related terms & conditions
Please ensure you have read all the above terms & conditions, as well as all terms and conditions contained within the terms and conditions section.
How can I apply for an account?
- Please ensure you have read and understood all of the above terms & conditions.
- Complete our application form.
- Click Direct is only available through completion of our website application form and may be withdrawn at any time without notice.
* The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate (the net figures quoted assume liability at a tax level of 20% for illustrative purposes only).
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Please note that the account specific Terms and Conditions may preclude you from earning these rates.