Scarborough launches new tracker savings account

Scarborough Building Society has launched a new tracker savings account offering the combined benefits of a competitive, variable starting rate and guaranteed returns for the next two years.

Click Direct offers 6.05% (gross per annum, AER), and is guaranteed to remain at least 0.25% above the Bank of England Base Rate in year one (0.5% for monthly interest), and to track and match the Base Rate in year two (-0.20% for monthly interest).

In year 3, the interest rate becomes completely variable and is no longer linked to the Base Rate.

Application forms for this ‘self service’ account are available exclusively from the Society’s website. It offers customers the opportunity to download, fill in and post an application form, enclosing a personal cheque for their opening balance, at a time which is convenient for them.

Like other previous self service products offered by Scarborough, it is designed to be simple and rewarding, allowing Scarborough to offer one of the best variable rate products on the market by cutting down on administration costs.

Head of Group Marketing, David Wormall, said: ‘Our other self service account, Click & Save, produced extremely popular, and therefore we have decided to complement this ‘self service’ range with our new, variable rate option, Click Direct.

‘We all know how busy today’s lifestyles are and customers seem to like the flexibility this kind of account offers to research and apply for a product quickly, at a time to suit them, and with the minimum of fuss.

‘Click & Save has made regular appearances in independent media best buy tables over the past year and I feel sure that this new version will achieve similar success, as another example Scarborough’s commitment to offering long term good value products.’

New and existing customers investing new money with the Society are eligible to open a Click Direct account. The minimum deposit is £1,000 and the maximum is £1,000,000.

Withdrawals are permitted at any time, without notice or penalty, subject to a minimum withdrawal amount of £1,000.

For further information about Click Direct and other Scarborough products, and to download an application form, customers should log on to the Society’s website at scarboroughbs.co.uk.

After opening, they can operate their account by using the Society’s friendly telephone and postal service.