Chelsea changes rates on Christmas saver
Chelsea Building Society is adjusting how AER is calculated on its Christmas saver - beginning March 27th the rate will be determined by the month the account is opened.
An account opened in April will have an AER of 2.76 per cent. May, June and July's AER will be 2.77 per cent and August and September will carry a rate of 2.78 per cent.
The minimum deposit is £1 and the maximum balance is £5,000. Interest is first paid on November 20th and then on November 1st in following years.
Additional investments up to the limit are allowed but any withdrawals before November 21st 2009 will result in account closure.
After the first interest is paid, the account will become Chelsea branch instant, an instant access account that pays a lower rate and allows unlimited withdrawals.
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