Saving for a rainy day

8 May 2008

Chelsea Building Society has announced the launch of Rainy Day Savings (3rd Issue) from Thursday 8 May 2008.

Details of the new Rainy Day Savings (3rd Issue) are as follows:

Account name Minimum opening and interest earning deposit 3 Annual rates Monthly rates AER2
Gross pa1 Net pa1 Gross pa1 Net pa1
Rainy Day Savings (3rd Issue) account £10
(max £500,000) 4		 6.10% 4.88% 5.94% 4.75% 6.10%

Key features of the account:

  • Variable interest rate of 6.10% gross pa/AER, 4.88% net
  • Rate guaranteed to be at least the same as the Bank of England Base Rate for the first 12 months of saving from the date of account opening
  • Fee free withdrawals6 allowed up to a combined total of £1,000 in the first year of saving (minimum withdrawal £200)
  • Withdrawals6 and/or closures totalling over £1,000 in the first 12 months of saving are subject to a £10 administration fee
  • Fee free withdrawals6 allowed after the first year

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

To find out more about Chelsea savings accounts or interest rates contact Chelsea at your local branch or call Chelsea on 0800 432 00885.

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. Interest will not be earned during any period when the account balance is below £10
  4. Provided that the account holder's total investment in the Chelsea does not exceed £2 million
  5. This is an automated line
  6. 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 Larger sums by cheque may be withdrawn in a few days
  7. 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.