Senior Savers


Summary Box
Key product information for our savings account

Account name Senior Savers
Interest rates (AERs) Annual
3.35% gross pa+/AER*    2.68% net pa+

Variable interest rates effective from 24 November 2008. Guaranteed to be no lower than 0.25% below Base Rate until 15 December 2010 +++
Monthly
3.30% gross pa+   2.64% net pa+   3.35% AER*

Variable interest rates effective from 24 November 2008. Guaranteed to be no lower than 0.25% below Base Rate until 15 December 2010 +++
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

  • Exclusively available for the over 60s
  • You must make a payment into your account every month of between £200 and £1,000 (from pension or other source)***
  • Withdraw cash at LINK ATMs using a Chelsea card (maximum withdrawal £200 per day)†
  • Interest will be earned from £200. It is paid annually on 1 December. 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
++ Up to £500 cash or £5,000 by cheque may be withdrawn immediately over the counter in a branch. Larger sums may be withdrawn by cheque in a few days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 this payment is not maintained, the account will be switched to Chelsea Instant Savings, which is a variable instant access account and pays a lower rate of interest
† Chelsea does not charge for cash withdrawals
+++ 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.