Winter Bond (no access) 1 Year (2)
Rates effective from 30 January 2010


Summary box

Key product information for our Winter Bond (no access) 1 Year (2) savings account
Account name Winter Bond (no access) 1 Year (2)
Interest rates (AERs) Annual
2.80% Gross pa*   2.24% net pa*

2.80% AER+

Monthly
2.76% gross pa*  2.21% net pa*   2.80% AER+

AER assumes account is opened on or after 1 February 2010
Interest rates are fixed until 22 March 2011
Interest rate applies to balances of £1 plus

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 Not applicable
Withdrawal arrangements No withdrawals, transfers or closure permitted during the fixed rate period
Access Branch/post (after fixed rate period)

Key features

  • Save from £1,000 to £500,000** per saver (a maximum of 2 savers are permitted)
  • Once this account has been withdrawn to new savers, you cannot make further deposits
  • After the fixed rate period, this account will become Branch Instant (which is a variable, instant access account) and all withdrawals will be penalty free. Alternatively, we may offer you a further fixed or variable rate account available at this time
  • Interest will be earned from £1. It is paid on 20 March 2011 and annually thereafter. Monthly interest also available.
  • 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.
** Provided that your total savings in this and all other Chelsea accounts does not exceed £2 million