Increase your options

13 July 2007

Chelsea Building Society has launched two new Fixed Rate Options effective from Saturday 14 July 2007. The current Fixed Rate Option 14 July 2009 and Fixed Rate Option 14 July 2010 will be withdrawn at close of business on Friday 13 July 2007.

The current 1 year Fixed Rate Option (28th Issue) and 2 year Fixed Rate Option (27th Issue) will be withdrawn at close of business on Friday 15 June 2007.

Details of the new Fixed Rate Options are as follows:

Account name Minimum opening investment
Annual Rates
Monthly rates
AER2
Gross pa1 Net pa1 Gross pa1 Net pa1

2 year Fixed Rate Option (28th Issue)

£1,000
(max £500,000) 3

 6.55% 5.24% 6.36% 5.09% 6.55%

3 year Fixed Rate Option (13th Issue)

£1,000
(max £500,000) 3

 6.55% 5.24% 6.36% 5.09% 6.55%

Annual interest is first paid on 1 July 2008 and annually thereafter. A monthly interest option is also available if required.

Withdrawals made before the end of the fixed rate period will be subject to a penalty equivalent to 90 days' loss of interest on the amount withdrawn5. After the fixed rate period, immediate penalty free withdrawals5. After the fixed rate period, immediate penalty free withdrawals5 are permitted.

To find out more about Chelsea savings accounts or interest rates contact Chelsea at your local branch or call the fixed rate option information line on 0800 16910764.

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 the Chelsea does not exceed £1 million
  • This is an automated line
  • 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 Larger sums by cheque may be withdrawn in a few days
  • 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.

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