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17th July 2020
The Society has launched a new initiative aimed at helping Members make more of their additional lockdown savings.
It comes as millions of Britons adopt a “save for a rainy day” mentality during the economic crisis, with a survey showing the average person has put aside an extra £459 since the start of lockdown.
The Society is now announcing a special offer, over a limited period, to help savers make that additional cash go further.
The Society’s ‘Special Occasion Saver’ (SOS) account normally allows monthly deposits of up to £250 but existing or new members are being offered the chance to increase that to a maximum of £750 during a one-off ‘bumper deposit month’.
Once a member has taken advantage of the £750 allowance, they then revert to the usual £250 per month limit, having given their savings a timely boost.
The market is very limited for Regular Savings products and, at 1.25% (*Gross/AER# Variable), Darlington Building Society offers one of the highest rates available.
Chief Executive Andrew Craddock said: “One of the consequences of the coronavirus pandemic is that people are being far more careful with how they manage their savings.
“Money that might normally be spent on commuting to work, eating out, entertainment, clothing, or holidays, is being tucked away for a rainy day because of the ongoing economic uncertainty.
“Our aim with this campaign is to help new and existing customers make that financial buffer as robust as possible for whatever eventuality might come along.”
A survey has concluded that a fifth of 2,000 UK adults want a financial safety net in case they lose their jobs, while 13 per cent are striving to save more because they are worried they may be unable to work due to illness.
Meanwhile, others who are lucky enough to have greater job security, may want to make the most of their additional lockdown savings to pay for those projects that have had to wait, such as home improvements, or garden makeovers.
Mr Craddock added: “These are very uncertain times so this is another example of our commitment to members, whatever their individual circumstances, and doing as much as possible to give them peace of mind.”
*Gross rate is the rate of interest payable before the deduction of income tax. All interest is paid gross. This is based on the current law and HM Revenue & Customs practice, both of which may change.
#AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
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