Rainy Day Savings (3rd Issue)
Key features
- Variable interest rate of 6.10% gross pa+/AER* (currently 4.88% net pa+)
- Rate guaranteed to be at least the same as the Bank of England Base Rate for the first 12 months of savings from the date of account opening**
- Fee free withdrawals permitted up to a total of £1,000 for the first year of savings++
- Save from £10 to £500,000*** per saver (a maximum of 2 savers permitted)
- Operate your account by passbook
- Annual or monthly interest
Balance |
Annual interest |
Monthly interest |
|||
|---|---|---|---|---|---|
Gross pa+/AER* |
Net pa+ |
Gross pa+ |
Net pa+ |
AER* |
|
£10 plus |
6.10% |
4.88% |
5.94% |
4.75% |
6.10% |
Interest is paid annually on 1 May.
Withdrawals- Fee free withdrawals permitted up to a combined total of £1,000 for the first year of savings++
- Withdrawals and/or closures totalling over £1,000 in the first 12 months of savings subject to a £10 administration fee++
- Fee free withdrawals allowed after the first year++
* 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.
+ Net interest equals gross interest less income tax at the rate specified by law.
** If the Bank of England Base Rate changes before the 12 month period expires, we'll change the interest rate on the account where necessary (which could be up or down) within 30 days.
++ Up to £500 cash or £5,000 by cheque may be withdrawn immediately over the counter in a branch. Larger sums may be withdrawn by cheque in a few days. Minimum withdrawal £200.
*** 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.
