The majority of that total came through the donation of £260,000 from Boyd Tunnock, the owner of the teacake and caramel wafer firm.
Co-ordinator Euan Gibson said the Support St Abbs Lifeboat team was now in a position to order a new rescue vessel for the community.
“We have finally got enough money to get a lifeboat, and we’re getting quotes from manufacturers,” he said.
“We are getting quoted 12, 16, 18 weeks and that’s if we can get a building slot.
“So it looks like it will be spring or early summer before we have a lifeboat.”
The team received the Tunnocks donation on Tuesday.
The new lifeboat is likely to be called Thomas Tunnock, in memory of Mr Tunnock’s grandfather and late brother.
The St Abbs Lifeboat campaign aims to raise a total of £500,000, to ensure the long-term financial stability of the lifeboat station.