Scarborough launches new “family friendly” savings account

The Scarborough Building Society has launched a new family savings account with an interest rate of 4.8 per cent, which it describes as "market leading".

Balances from £1 are allowed in the product, which is branch-based and exclusively available to families with children from December 1st.

According to the building society, the rate on this package is guaranteed to match its super saver account for young people, offering a range of family products to complement each other.

Parents or legal guardians of children who hold a super saver account will be able to take up a family account.

Tony Burdin, head of group marketing for Scarborough, said: "Today’s young families are the ones facing higher costs for their children’s education and first home deposits – as well as often being caught up in the contemporary spiral of debt, which is unprecedented.

"We believe it is they who need the encouragement and incentives to save for a rainy day, and that’s why we’ve launched this new account, which we believe is outstanding in the marketplace."

The family saver account will allow easy access with no restrictions on withdrawals or deposits and will pay one rate regardless of balance or withdrawal activity.