Scarborough launch tracker savings account paying up to 6.30%

Scarborough Building Society has launched a tracker savings account paying competitive rates of up to 6.30%.

The Direct Exclusive Saver account is available by calling the Society’s direct call centre on 0845 458 4522 and can be opened by personal cheque or debit card.

The Direct Exclusive Saver account has been launched at an attractive annual interest rate of 6.30% (6.10% for monthly interest).

The minimum opening balance is £1,000

For the first year, Direct Exclusive Saver is guaranteed to pay no less than Bank of England Base Rate +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 highly competitive core savings range, which continues to be available to both new and existing customers.

Head of Group Marketing David Wormall 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 recognised 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.’