Scarborough boosts tracker rate to an outstanding 6.40%

Scarborough Building Society is re-launching its competitive Direct Exclusive Saver account with an enhanced rate of 6.40%, gross APR (compared to 6.30% previously).

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

It offers an excellent annual interest rate of 6.40% (6.20% for monthly interest) – together with a double rate guarantee.

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.

And, of course, customers who have already opened a Direct Exclusive Saver account will also benefit.

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.

‘The rate increase is designed to make this great product even better, in line with our tradition of encouraging people to save.’