Rainy Day Savings (3rd Issue)
Summary box
Key product information for our savings account
| Account name | Rainy Day Savings (3rd Issue) |
|---|---|
| Interest rates (AERs) | Annual |
| 3.85% gross pa+/AER* 3.08% net pa+ Variable interest rates effective from 24 November 2008 Guaranteed to be at least equal to Base Rate for first 12 months of saving from the date of account opening† |
|
| Monthly | |
| 3.78% gross pa+ 3.02% net pa+ 3.85% AER* Variable interest rates effective from 24 November 2008 Guaranteed to be at least equal to Base Rate for first 12 months of saving from the date of account opening† |
|
| 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 | Fee free withdrawals permitted up to a combined total of £1,000 in the first 12 months. Withdrawals/closure totalling over £1,000 in the first 12 months are subject to a £10 admin fee++ |
| Access | Branch/post |
Key features
- To request an information pack call us on 0800 432 0088
- Fee free withdrawals allowed after the first year++
- Save from £10 to £500,000** per saver (a maximum of 2 savers are permitted)
- Interest will be earned from £10. It is paid annually on 1 May. Monthly interest also available
- Passbook operated
+ 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++Up to £500 cash or £5,000 by cheque may be withdrawn immediately over the counter in a branch. Larger sums may be withdrawn by cheque in a few days.
** Provided that your total savings in this and all other Chelsea accounts does not exceed £2 million.
†If the Bank of England Base Rate changes before this date, we'll change the interest rate on the account where necessary (which could be up or down) within 30 days.
Chelsea Building Society subscribes to the Banking Code, a copy of which is available on request.
