The account will be available for a limited period from December 22, 2006. Applications can be made online and, once opened, customers can operate the account through Scarborough’s telephone and postal service.
The rate is guaranteed until January 31, 2008 offering protection against uncertainties of fluctuating interest rates. After this date, the account will track the Bank of England base rate to ensure that it retains a competitive market rate, for the following year.
Head of group marketing at Scarborough, Tony Burdin, said: This limited issue account is designed to be simple and rewarding. By giving customers this self-service option for opening a click and save account, we are minimizing administration and, therefore, making the application process more convenient for customers.
