Families persuaded to save by Scarborough

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Families persuaded to save by Scarborough

Mon 20th Nov 2006

In a move designed to encourage more families to save, Scarborough Building Society has introduced its new family savings account.

An interest rate of 4.80 per cent is available on the Scarborough Family Saver account that is officially launched on December 1st and can be opened with just a pound to those with children.

The Scarborough Young Super Saver account offers a similar rate and both have been introduced so that all the family can get into the habit of saving money, says the building society.

Head of group marketing Tony Burdin stated: "Lots of organisations have focused on older savers, with special incentives for people over the age of 55, for example.

"We offer accounts which are attractive to people within this group, but to some extent, this is missing the point, as the older generation – who are often more affluent because their children have grown up and they have progressed in their careers – don't need any encouragement to save."

Continuing in the vein of encouraging children to save, the Scarborough Building Society Children's Savings Bond is also available and is guaranteed to have an interest rate that is one per cent higher than the Bank of England base rate for the three-year term.

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