Scarborough BS MySavings account rate increased to 6.25%

Kazza242 · 28 November 2006 at 10:02PM

Scarborough BS will increase the rate on their MySavings regular saver account (& ISA) by the full 0.25%, from 6.00% to 6.25%, effective from the 1st December 2006.

The new rate now appears on the Moneyfacts website, here.

kanchhelskis · 28 November 2006 at 11:13PM

surely yorkshire building society will have to increase their rate now to 6.75%?

Kazza242 · 28 November 2006 at 11:29PM

kanchhelskis wrote:

surely yorkshire building society will have to increase their rate now to 6.75%?

I hope so. YBS have yet to announce their savings rate increases, following the BOE base rate increase to 5.00% earlier this month.

Stonk · 29 November 2006 at 12:53AM

Now there's a nice surprise! Although it's a variable rate account, I always considered it was a de facto fixed rate. I was quite happy earning 6% on what can turn into quite a sizeable pot over a period of time (because there is no sweep-out).

Well done Scarborough.

Kazza242 · 29 November 2006 at 4:20PM

Sidenote. Derbyshire BS have increased their 1 year regular savings bond by the full 0.25%, from 5.50% to 5.75%. The min monthly deposit is £10 and max £1,000. maximum account balance £12,000. Details here

Derbyshire have also raised the rate of their ongoing regular savings account from 5.00% to 5.25%, despite not raising their rates after the August base rate rise. Details here.

Kazza242 · 29 November 2006 at 4:32PM

Monmouthshire BS will raise their regular saver rate from 5.55% to 6.00% w.e.f. 1 Dec 2006). The account is called Saver Plus and is ongoing up to a maximum account balance of £500,000. Min monthly deposit £20, max deposit £1,000. All monthly payments by direct debit only.

Here is the thread.

Liz_the_Whizz · 29 November 2006 at 4:47PM

Well, according to my savings spreadsheet, the Scarborough did not increase the rate on the My Savings Regular Saver at all when we had last quarter percent interest hike in August 2006.

They probably felt they had to do something this time, given the number of other Regular Savers that have come to the market since (eg Yorkshire RS).

But I'm not churlish, I like regular savers, particularly the ones that you can keep going beyond a year. It's a good way to make you save when you might not otherwise bother moving small sums of money from your current account.

So, well done Scarboro'! Here's to saving! :beer:

Scarborough BS MySavings account rate increased to 6.25%

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