It never rains but it pours at Chelsea!
16 May 2007
"It's raining, it's pouring,
Chelsea's rate is soaring,
a postal account,
from a £500 amount,
it's a rate you can't risk ignoring"
Chelsea Rainy Day PostSaver is a postal account with an attractive rate of interest, 6.00% gross pa1/AER2 (including an unconditional 1.00% gross pa1 bonus for the first year from the date of account opening), aimed to encourage people to save for those unexpected emergencies in life. The account is being launched on Saturday 19 May 2007.
"The launch of Rainy Day PostSaver means you can now save for the unexpected while still having easy access to your money", commented Jenny Hudd, Savings Marketing Manager at Chelsea Building Society. "During the twelve month bonus period, withdrawals up to £2,000 are permitted fee free, so you can still be prepared should you have one of life's unexpected emergencies".
Lisa Taylor, of Moneyfacts, said "The headline rate of 6% is a market leading deal, ideal for any saver looking to invest money for the future and requiring occasional access to their funds. It is great to see Chelsea Building Society taking steps to encourage savers to invest some of their savings for a rainy day; a savings buffer can be a lifesaver when an expected expense comes along."
Key details of this account which is launched on 19 May 2007 are:
| Account name | Minimum opening investment |
Annual Rates
|
Monthly rates
|
AER2 | ||
|---|---|---|---|---|---|---|
| Gross pa1 | Net pa1 | Gross pa1 | Net pa1 | |||
| Rainy Day PostSaver | £500 |
6.00% | 4.80% | 5.84% | 4.67% | 6.00% |
Please note the above rate includes an unconditional introductory 1% gross pa1 bonus for the first year from the date of account opening.
Key features of the account- interest will not be earned during any period where the balance is less than £500
- withdrawals up to £2,000 are permitted fee free
- minimum withdrawal £500, four withdrawals are permitted fee free. No cash withdrawals or third party cheques are permitted
- withdrawals and closures made in the bonus period, totalling more than £2,000 will each be subject to a £25 fee
- withdrawals after the bonus period are fee free
- annual interest will be first paid on 1 May 2008 and then annually on that date. Monthly interest is also available
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
- Provided that the account holder's total investment in Chelsea does not exceed £2 million
- 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.
