Senior Savers

Key features

  • Exclusively for the over 60s
  • Save from £200 to £1,000 per month (from pension or other source), up to £25,000***. See below
  • 4.85% gross pa+/AER* variable (currently 3.88% net pa+) with a rate guarantee
  • Immediate penalty free withdrawals. See below
  • Chelsea card option
  • Passbook operated
Latest interest rates (from 21 April 2008**)
Balance Annual interest Monthly interest
Gross pa+/AER* Net pa+ Gross pa+ Net pa+ AER*
£200 plus 4.85% 3.88% 4.75% 3.80% 4.85%
Interest will not be paid during a period when the account balance falls below £200.

Interest is paid annually on 1 December.

Guaranteed rate
The annual variable interest rate is guaranteed to be no lower than 0.25% below the Bank of England Base Rate until 15 December 2010.

Regular Payments

  • Immediate access to your funds at any Chelsea branch using your passbook
  • You must make regular payments into the account of between £200 and £1,000 each month
  • Payments can be your pension or funds from another source

Breaching these terms will result in your account automatically switching to our Instant Savings Account which is an instant access account paying a lower rate of interest (see terms for full details). The current rate for Instant Savings Account can be found on the savings interest rates page.

Withdrawals

  • You can request a LINK ATM card, which will enable you to withdraw up to £200 from any LINK cash machine
  • Up to £500 cash or £5,000 by cheque can be withdrawn immediately at your local branch using your passbook
  • You can submit your withdrawal request in writing to Chelsea Building Society, Savings Department, Thirlestaine Hall, Thirlestaine Road, Cheltenham, Gloucestershire GL53 7AL

* The Annual Equivalent Rate (AER) 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 there is a change in the Bank of England Base Rate after this date, the interest rates on all Chelsea savings accounts will be reviewed.
*** 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.