Are you crazy enough to miss out?
25 April 2007
This time last year Gnarls Barkley was topping the charts with his record breaking song 'Crazy'. A year on Chelsea thinks you'd be crazy to miss out on their Bonus Savings which launches on Saturday 28 April 2007. Chelsea Bonus Savings is a branch based variable rate account which offers a conditional annual bonus if you make no more than 3 withdrawals which together total no more than £2,000 in each bonus period.
'This account has been designed especially for people who want to save, but may need to withdraw funds occasionally' commented Jenny Hudd, Savings Marketing Manager at Chelsea Building Society. 'You can make up to 3 withdrawals which together total no more than £2,000 in each of three periods and still qualify for the very attractive bonus. The account complements Chelsea's range of savings products.'
Key details of this account which is launched on 28 April 2007 are:-
The rate below includes a conditional bonus of 1% gross pa*
| Account name | Minimum opening investment |
Annual Rates
|
Monthly rates
|
AER2 | ||
|---|---|---|---|---|---|---|
| Gross pa1 | Net pa1 | Gross pa1 | Net pa1 | |||
| Chelsea Bonus Savings | £250 (max £500,000)3 |
5.60% | 4.48% | 5.46% | 4.37% | 5.60% |
The bonus is tiered and is as follows:
- Year 1 (from account opening up to and including 1 June 2008) - 1.00% bonus
- Year 2 (2 June 2008 - 1 June 2009) - 0.50% bonus
- Year 3 (2 June 2009 - 1 June 2010) - 0.25% bonus
Three instant access withdrawals will be permitted up to a total maximum of £2,000 from date of account opening up to and including 1 June 2008. From 2 June 2008 a new period begins. More than three withdrawals during each period and/or withdrawals which together total more than £2,000 means the account holder does not receive the bonus. In addition the account must remain open on 1 June in each bonus year in order for the bonus to be credited.
Annual interest will be first paid on 1 June 2008 and then annually on that date. If qualifying criteria are met this is also the date the conditional bonus will be paid.
To find out more about Chelsea Bonus Savings account or interest rates contact Chelsea at your local branch or call the free phone information line on 0800 272 5056. Calls may be recorded and/or monitored for security, training and customer service purposes.
Notes
- Gross pa/Net pa: Net interest equals gross interest less income tax at the rate specified by law
- AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Withdrawals may affect the AER. AER shown assumes account is opened on 1 June 2007
- Provided that the account holder's total investment in the Chelsea does not exceed £2 million
- Withdrawals are subject to daily limits - you can normally withdraw up to £250 in cash or £5,000 by cheque on demand. Larger sums by cheque may be withdrawn in a few days
- Interest will not be earned during any period where the balance is less than £250
- This is an automated line
- Chelsea is the 6th largest building society with assets of £11bn
For more information contact Vicki O'Connell on 01242 271466 or Susie Ratcliffe on 01242 271332
This page must be read in conjunction with the Information for Chelsea savers page.
