Double your reason to save at Chelsea

24 October 2007

From Saturday 27 October 2007 there is even more reason to open a savings account with Chelsea, the UK’s fifth largest building society.  Chelsea is increasing the rate on its competitive branch based account, Double Guarantee (2nd Issue) by 0.10% to a whopping variable 6.50%. The account which offers not just one guarantee but two has just got better! 

Double Guarantee (2nd Issue) guarantees to be at least 0.25% above the Bank of England Base Rate until 15 October 2008. From 16 October 2008, the interest rate is guaranteed to be at least the same as the Bank of England Base Rate up to and including 15 October 2009.

Key details of this account which was originally launched on 29 September 2007 are:

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

Double Guarantee (2nd Issue)

£1
(Max £500,000)4

6.50% 5.20% 6.31% 5.05% 6.50%

The account carries two guarantees:

  • Guarantee 1 – gross annual interest rate to be at least 0.25% above the Bank of England Base Rate up to and including 15 October 2008

  • Guarantee 2 – from 16 October 2008, gross annual rate to be at least the same as the Bank of England Base Rate up to and including 15 October 2009

  • From 16 October 2009, the interest rate will be guaranteed to be at least the same as our Branch Instant account.

First annual interest payment date is 1 October 2008 and annually thereafter. A monthly interest option is also available.

To find out more about Chelsea Double Guarantee (2nd Issue), visit your local Chelsea branch or call the Savings Helpline on 0800 272 505 3 . Calls to Chelsea may be recorded and/or monitored for security, training and customer service purposes.

Notes

Withdrawals5

During Guarantee 1 – From the date of account opening, up to and including 15 October 2008, penalty free withdrawals5 are subject to 80 days’ prior written notice.
Immediate withdrawals5 are subject to a penalty equivalent to 80 days’ interest on the amount withdrawn.

During Guarantee 2 – From 16 October 2008, up to and including 15 October 2009, penalty free withdrawals5 are subject to 40 days’ prior written notice.
Immediate withdrawals5 are subject to a penalty equivalent to 40 days’ interest on the amount withdrawn.

From 16 October 2009, all withdrawals5 are notice and penalty free.

  1. Gross pa/Net pa: Net interest equals gross interest less income tax at the rate specified by law
  2. 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
  3. This is an automated line
  4. Provided that the account holder’s total investment in the Chelsea does not exceed £2 million
  5. 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
  6. Chelsea is the 5th 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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