Scarborough Building Society 

October 2001 – Beware – This society continues to be one of the slowest to reveal to members that it has reduced savings interest rates.  The Banking Code, the industry’s own voluntary code of “basic good behaviour”, allows societies to backdate any notification by up to one month and the Scarborough sails very close to the limit of this already excessive allowance.

Beware – New accounts are opened every month and similar accounts are closed then rates tend to be reduced.

Beware – Some of their accounts now pay only 0.16% on as much as £1000!