Savings with a spring!
23 April 2008
Chelsea Building Society is launching two new Spring Fixed Rate Bonds from Wednesday 23 April 2008. The current 1 year (9th Issue) and 2 year (12th Issue) Fixed Rate Savings will be withdrawn at close of business on Tuesday 22 April 2008.
Details of the new Spring Fixed Rate Bonds are as follows:
| Account name | Minimum opening deposit | Annual rates | Monthly rates | AER2 | ||
|---|---|---|---|---|---|---|
| Gross pa1 | Net pa1 | Gross pa1 | Net pa1 | |||
| 1 Year Spring Fixed Rate Bond Fixed until 20 May 2009 |
£1,000 (max £500,000) 3 |
6.50% | 5.20% | 6.31% | 5.05% | 6.50% |
| 2 Year Spring Fixed Rate Bond Fixed until 20 May 2010 |
£1,000 (max £500,000) 3 |
6.30% | 5.04% | 6.13% | 4.90% | 6.30% |
Annual interest is first paid on 1 May 2009 and annually thereafter. A monthly interest option is also available.
Withdrawals made before the end of the fixed rate period will be subject to a penalty equivalent to 180 days' loss of interest on the amount withdrawn5. After the fixed rate period, immediate penalty free withdrawals5 are permitted. Withdrawals will affect the AER.
At the end of the fixed rate period, the funds in these accounts will transfer to Branch Instant, paying a lower rate of interest or alternatively offered a new fixed rate bond if Chelsea are able to at that time.
To find out more about Chelsea savings accounts or interest rates contact Chelsea at your local branch or call Chelsea on 0800 1691076 4.
Notes- Gross pa/Net pa: Net interest equals gross interest less income tax at the rate specified by law
- AER: AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Withdrawals may affect the AER
- Provided that the account holder's total investment in the Chelsea does not exceed £2 million
- This is an automated line
- Withdrawals are subject to daily limits - you can normally withdraw up to £250 in cash or £5,000 by cheque on demand. Larger sums by cheque may be withdrawn in a few days
- Chelsea is the 5th largest building society with assets of £13bn
For more information contact Vicki O'Connell on 01242 271466 or Susie Ratcliffe on 01242 271332
This page must be read in conjunction with the Information for Chelsea savers page.
