Product category:
Savings and investment
News Release from: Chelsea Building Society | Subject: Savings
Edited by the Insidemoneytalk Editorial
Team on 18 May 2007
It never rains but it pours at Chelsea!
"It's raining, it's pouring,
Chelsea's rate is soaring, A postal account, From a ?500 amount, It's a rate you can't risk ignoring" Chelsea Rainy Day PostSaver is a postal account with an attractive rate of interest, 6.00% gross pa*/AER+(including an unconditional 1.00% gross pa* bonus for the first year from the date of account opening), aimed to encourage people to save for those unexpected emergencies in life
This article was originally published on Insidemoneytalk on 7 May 2007 at 8.00am (UK)
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Following on from the change in the Bank of England base rate on 10 May 2007 Chelsea announces a change to its Standard Variable Rate from 7.24% to 7.49% with effect from 1 June 2007.
The account is being launched on Saturday 19 May 2007.
"The launch of Rainy Day PostSaver means you can now save for the unexpected while still having easy access to your money", commented Jenny Hudd, savings marketing manager at Chelsea Building Society.
"During the initial twelve month bonus period, withdrawals up to ?2,000 are permitted fee free, so you can still be prepared should you have one of life's unexpected emergencies".
Lisa Taylor, of Moneyfacts, said "The headline rate of 6% is a market leading deal, ideal for any saver looking to invest money for the future and requiring occasional access to their funds.
It is great to see Chelsea Building Society taking steps to encourage savers to invest some of their savings for a rainy day; a savings buffer can be a lifesaver when an expected expense comes along." Key details of this account which is launched on 19 May 2007 are:- Key features of the account: Interest will not be earned during any period where the balance is less than £500, Withdrawals up to £2,000 are permitted fee free, Minimum withdrawal £500, four withdrawals are permitted fee free.
No cash withdrawals or third party cheques are permitted, Withdrawals and closures made in the bonus period, totalling more than £2,000 will be subject to a £25 fee, Withdrawals after the bonus period are fee free, Annual interest will be first paid on 1 May 2008 and then annually on that date.
Monthly interest is also available.
To find out more about Rainy Day PostSaver or interest rates, contact Chelsea at your local branch, visit www.thechelsea.co.uk or call the savings helpline on 0800 169 9911.
Calls may be recorded and/or monitored for security, training and customer service purposes.
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