Scarborough Building Society is planning to re-launch its competitive Direct Exclusive Saver account with an enhanced rate of 6.40%, gross APR.

The Direct Exclusive Saver account will offer an annual interest rate of 6.40%, together with a double rate guarantee. The account can be opened with a minimum balance of GBP1,000. For the first year, the savings account is guaranteed to pay 0.25% more than Bank of England’s base rate. In the second year, it is guaranteed to pay no less than the base rate, after which rates become variable.

Direct Exclusive Saver accounts, which are available to new customers and existing customers making new deposits, will complement Scarborough’s highly competitive core savings range. It is available via the society’s direct call centre and can be opened by personal cheque or debit card.

David Wormall, head of group marketing at Scarborough, 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.