Chelsea increases Double Guarantee savings rate
Wednesday, 24 Oct 2007 16:44
Chelsea Building Society is increasing the savings rate on its Double Guarantee account by 0.1 per cent to 6.5 per cent AER (5.2 per cent net pa).
The account guarantees to be at least 0.25 per cent over the Bank of England base rate until October 15th 2008 and then to be pegged at the base rate for a further year.
After this point the account will stand at the same rate as the building society's Branch Instant account.
Over the first year penalty-free withdrawals are subject to 80 days' prior written notice, while earlier withdrawals result in 80 days of lost interest.
In the second year this is cut to 40 days and after October 2009 all withdrawals are notice and penalty free.