Feb 20 2006
Chelsea Building Society has unveiled a new postal account with an initial fixed rate of 5.10 per cent gross per annum.
The initial rate lasts until June 21st 2006 and the new account carries a guarantee that gross annual interest rate will be at least 0.25 per cent above the Bank of England base rate to July 4th 2007.
The Chelsea PostSaver 90 is available immediately and comes with a minimum opening and interest earning balance of £500, a maximum balance of £50,000 per investor (up to a maximum of two) and the account must be operated by post once opened.
Kerri Morgan, Chelsea investment marketing manager, said: "This account offers not only an attractive initial fixed rate of interest, but also a great rate guarantee until July 2007 with the convenience of operating the account by post. If you're happy not having instant access to your money this account is an ideal home for your savings."
Between the date of opening and June 21st withdrawals cannot be made and notice of withdrawal cannot be given, from June 22nd 2006 to July 4th 2007 withdrawals are subject to 90 days' prior written notice and notice free withdrawals will incur 90 days' loss of interest.
Withdrawals from the account are notice and penalty free from July 5th 2007, when the account becomes a PostSaver Advantage.
