Christmas Saver

Sensible Santas start saving early for Christmas

By making regular cash or cheque payments into a Christmas Saver account, you can have Christmas 2008 all paid for in advance, with no credit card or other large bills to worry about, allowing you to enjoy the New Year.

Saving towards the cost of Christmas with Scarborough Building Society is easy. We offer you a safe, convenient way to put some money aside for those Christmas gifts, party food and other festivities. Open from just £10, and make next year even more magical.

Who can open a Christmas Saver?

This account is available exclusively through our branch network. Anyone over the age of 18 can open a Christmas Saver. New members can open a Christmas Saver with just £10. The Society will then pay in £5 to encourage you to save.

Existing members can also have an account. As existing members are used to saving, we will reward you with a higher rate of interest.

How much can I invest?

You can open a Christmas Saver from as little as £10, up to a maximum balance of £2,000, excluding interest.

Can I add to my account?

Yes, you can add to your savings at any time, paying in as much as you want, up to the maximum balance.

How do I add to my Christmas Saver account?

You can pay cash or cheques into your account at the counter of any branch. Don’t forget coins. You can pay in five full bags each day – helping to convert your loose change into savings. No standing orders are permitted.

Can I make withdrawals?

As this account is designed to help you save for Christmas withdrawals are not permitted until 1 November 2008. You can however, close your account at any time.

New members who have received £5 from us will have the £5 deducted from the final balance of the account if it is closed before 1 November 2008. Other than this repayment you can close your account without notice or charge.

Existing members (who don’t receive the £5 payment) can close their account at any time without notice or charge.

Withdrawals are permitted from 1 November 2008 until 31 December 2008. The daily cash withdrawal limit is £500. Any amount can be withdrawn by cheque.

What happens on 1 January 2009?

On 1 January 2009 your account will automatically transfer into our Branch Easy Saver account. This is an easy access account and you can make three withdrawals each anniversary year without notice or penalty.

If you need to make more than three withdrawals each anniversary year you can. The rate of interest on your account will change to the 4+ withdrawal rate, but after the anniversary of you opening the account your interest rate will move back to the “up to 3 withdrawals” rate.

When will I receive my interest?

Interest is paid once each year on the anniversary of your account opening. Interest can be added to your account, another Scarborough Building Society account or paid to another bank or building society account in your name.

What happens if the balance falls below the minimum required?

The minimum balance required is £10. If your balance falls below £10 the Society’s Variable Base Savings Rate will apply. Details are available on request.

Can I have more than one Christmas Saver account?

Only one Christmas Saver account is permitted per customer.

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 (other than the repayment of the £5 we pay into your account if this applies). See our General Investment Conditions for full details.

Operating your account

  1. New members opening a Christmas Saver are eligible to receive a deposit of £5 into a Christmas Saver account that has been opened with the minimum balance of £10. The account must be opened by cash or cheque. Only one account per customer. Each customer who receives £5 must reimburse the Society with this amount if the account is closed before 1 November 2008. This offer is strictly limited. We reserve the right to withdraw this offer at any time.
  2. The maximum daily cash withdrawal is £500.

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?

  1. Please ensure you have read and understood all of the above terms & conditions.
  2. Then call in to your nearest branch.
  3. Christmas Saver is only available through the Society’s branches 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.