Give your savings some direction

24 April 2008

Chelsea Building Society is encouraging savers to point their savings in the right direction with the launch of its Chelsea 90 Day Notice account on Saturday 26 April 2008.

Details of the Chelsea 90 Day Notice account is as follows:

Account name Minimum opening deposit Annual rates Monthly rates AER2
Gross pa1 Net pa1 Gross pa1 Net pa1
Chelsea 90 Day Notice account £250
(max £500,000) 3		 6.30% 5.04% 6.13% 4.90% 6.30%

Speaking about the account David Black, Principal Consultant for Banking at Defaqto commented, "The average rate payable for a £1,000 balance is currently 3.90% for a notice account or 3.78% for an instant/easy access account. If you also bear in mind that the Bank of England base rate is currently 5.00% this new account from Chelsea looks like exceptionally good value."

Annual interest is first paid on 1 May 2009 and annually thereafter. A monthly interest option is also available.

Withdrawals made before 10 July 2009 will be subject to a penalty equivalent to 90 days' loss of interest on the amount withdrawn5. After 11 July 2009, immediate penalty free withdrawals5 are permitted.

To find out more about Chelsea 90 Day Notice account contact Chelsea at your local branch or call Chelsea on 0800 272 505 4.

Notes
  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. Provided that the account holder's total investment in the Chelsea does not exceed £2 million
  4. This is an automated line
  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 Larger sums by cheque may be withdrawn in a few days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 £13bn

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.