Ready ...Steady...Save!
Summary Box
Key product information for our savings account
| Account name | Ready Steady Save |
|---|---|
| Interest rates (AERs) | Annual |
| 3.95% gross pa+/AER* 3.16% net pa+ Variable interest rates effective from 24 November 2008 |
|
| 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 | Instant, penalty free withdrawals++ |
| Access | Branch/post |
Key features
- Designed for children aged 15 or under who want to start saving.
- Save from £1 to £20,000
- Interest will be earned from £1. It is paid annually on 1 December
- Passbook operated
How old do I need to be?
- Aged under 10? A parent/guardian will need to open the account for you
- Aged between 10 and 15? You can open an account in your own name at a branch. If you open this account by post it will need to be opened in the name of your parent or guardian
- Aged 16 over? You might want to open a different account such as a Cash ISA (2nd Issue)
+ 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. Withdrawals may affect the AER
++Up to £500 cash or £5,000 may be drawn immediately over the counter in a branch. Larger sums may be withdrawn by cheque in a few days
Chelsea Building Society subscribes to the Banking Code, a copy of which is available on request.
