Scarborough Building Society has launched Direct Exclusive Saver, a tracker savings account paying competitive rates of up to 6.30%.
The new account can be opened by personal check or debit card, with a minimum opening balance of GBP1,000. For the first year, the account is guaranteed to pay no less than the Bank of England base rate plus 0.25%. In the second year, it is guaranteed to pay no less than the base rate, after which rates become variable.
These accounts, which are available to new customers and existing customers making new deposits, will complement Scarborough’s core savings range.
David Wormall, head of group marketing at Scarborough Building Society, said: As a building society, Scarborough has a strong track record of providing attractive savings accounts, and the competitive nature of our products is regularly recognized with coverage in media best buy tables.
With uncertainty over whether interest rates will increase or decrease, these accounts offer potential customers a win win situation, knowing that – whatever happens, they won’t receive any less than base rate +0.25% for the next 12 months.