Chelsea Regular Savings
Summary Box
Key product information for our savings account
| Account name | Regular Savings |
|---|---|
| Interest rates (AERs) | Annual |
| 5.05% gross pa+/AER* 4.04% net pa+
Variable interest rates effective from 21 April 2008 |
|
| Tax status | Interest is paid net of tax. However provided we receive a valid R85 form interest will be paid gross to non taxpayers |
| Conditions for bonus payment | n/a |
| Withdrawal arrangements | Instant, penalty free withdrawals ++ |
| Access | Branch/post |
Key features
- You must make a payment into your account every month of between £10 and £2,000 **
- Make payments via standing order and change the monthly amount (within the limits) whenever you want
- Save from £10 up to £500,000*** per saver (a maximum of 2 savers are permitted)
- Interest will be earned from £10. It is paid annually on 1 October
- Passbook operated
+ Net interest equals gross interest less income tax at the rate specified by law
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to the account each year
++ Up to £500 cash or £5,000 by cheque may be withdrawn immediately over the counter in a branch. Larger sums may be withdrawn by cheque in a few days
** If this payment is not maintained, the account will be switched to Chelsea Instant Savings, which is a variable instant access account and pays a lower rate of interest
*** Provided that your total savings in this and all other Chelsea accounts does not exceed £2 million
Chelsea Building Society subscribes to the Banking Code, a copy of which is available on request.
