Scarborough Building Society has launched its Direct Extra account which offers 6.46 per cent gross interest per annum until the end of September 2009.
During this period, the bank also guarantees that the account will pay at least 5.81 per cent.
From September 2009 to September 2010, the account's rate will stay at 0.5 per cent above the Bank of England's base interest rate, which is currently set at five per cent, while in the following 12 months the rate will be completely variable.
The Direct Extra accounts can be opened by downloading a form off the building society's website and posting it.
Commenting on this new offering, Clare Garrick, savings product manager for Scarborough, said that the flexibility of this account will benefit customers.
"Given the ongoing uncertainty regarding interest rate trends, Direct Extra offers customers the peace of mind of knowing what their returns will be over the next 12 months, coupled with access to their savings should they need it," she added.
Meanwhile, the BBC recently reported that people who have invested their money in stocks and shares would have made more since 2000 if they had left their cash in savings accounts .
Scarborough Building Society announces new guaranteed savings rates
Scarborough Building Society announces new guaranteed savings rates
Thu, 28 Aug 2008
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