Scarborough offers savers' best deal

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The Independent Online
----------------------------------------------------------------------- Six of the best ----------------------------------------------------------------------- Savings ----------------------------------------------------------------------- Type Account Term *0% *25% *40% Min GIB Laurentian Life 5 years 6.60 6.60 5.61 pounds 50,000 B Soc Scarborough Instant 8.05 6.04 4.83 pounds 50,000 Tessa National Counties 5 years 8.75 8.75 8.75 pounds 3,000 ----------------------------------------------------------------------- *Compounded annual rate except for GIB (guaranteed income bond) ----------------------------------------------------------------------- Source: Chase De Vere 071-404 5766 ----------------------------------------------------------------------- Mortgages ----------------------------------------------------------------------- Type Source Deal Variable Northern Rock 5.89% on 75% loans Fixed Cheltenham & Gloucester 7.75% for 5 yrs,90% loans, fee pounds 275 Capped Woolwich 7.25% for 2 yrs, 1st time buyers only ----------------------------------------------------------------------- Source: John Charcol 071-611 7000 -----------------------------------------------------------------------

SEVERAL of the main building societies are bringing down their savings rates.

For savers with a minimum of pounds 50,000 to play with, Scarborough is offering the best building society rates. For those with less to invest, Cheltenham & Gloucester is offering a gross rate of 8.00 per cent on its London Deposit postal account, for minimum deposits of pounds 25,000.

West Bromwich Building Society is offering a return of 8.70 per cent on its Tessa.

The minimum saving is pounds 150. The West Brom requires one month's notice on transfers out of its Tessa, for which it makes a charge pounds 25.

Meanwhile, Chase de Vere investment advisers have designed a five-year rising-rate guaranteed- income bond with one of the life companies.

On pounds 10,000 minimum investment, the interest rate rises from 5.5 per cent in the first year to 6.0 per cent in year two, 6.5 per cent in year three, 7.0 per cent in year four and 7.5 per cent in the fifth year.

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