The UK's Scarborough Building Society has introduced a new family savings account that will be made available exclusively to families with children from December 1, 2006.
The branch-based Family Saver account will offer an interest rate of 4.80%, to match Scarborough’s existing Young Super Saver account.
The account will complement the building society’s other family-friendly products to encourage all family members to develop a savings habit.
It will be available exclusively through Scarborough Building Society branches in Scarborough, York, Middlesbrough, Leeds, Hull, Lincoln, Bridlington and Nottingham, to parents or legal guardians of children who have a new or existing Young Super Saver account.
Features of the new service will include no withdrawal or deposit restrictions, one rate regardless of balance or withdrawal activity, and the account can be opened with as little as GBP1. A traditional passbook is also offered to help families keep track of their finances.
Today’s young families are the ones facing higher costs for their children’s education and first home deposits – as well as often being caught up in the contemporary spiral of debt, which is unprecedented, said head of group marketing Tony Burdin. We believe it is they who need the encouragement and incentives to save for a rainy day, and that’s why we’ve launched this new account, which we believe is outstanding in the marketplace.
As well as the launch of the Family Saver account, the banking group has also moved forward the date, initially planned for early 2007, for the launch of its Scarborough Specialist Mortgages (SSM) to November 20, 2006. The new service will permit the wider broker market to gain access to its non-conforming products.