Fixed rate options
8 August 2007
Chelsea Building Society has launched two new Fixed Rate Options effective from Saturday 11 August 2007.
The current 2 year (29th Issue) and 3 year (14th Issue) Fixed Rate Option will be withdrawn at close of business on Friday 10 August 2007.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 (30th Issue) |
£1,000 |
6.45% | 5.16% | 6.27% | 5.02% | 6.45% |
3 year Fixed Rate Option (15th Issue) |
£1,000 (max £500,000) 4 |
6.45% | 5.16% | 6.27% | 5.02% | 6.45% |
Annual interest is first paid on 1 August 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 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 16910763.
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
- This is an automated line
- Provided that the account holder’s total investment in the Chelsea does not exceed £1 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 Larger sums by cheque may be withdrawn in a few days
- 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.
