Chelsea launches post and telephone account

  • Story by: Girlie Garduce
  • Magazine: FinancialAdviser
  • Published Thursday , June 12, 2008

Product review

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Chelsea Building Society

Type: Savings

Description: Chelsea Building Society is offering its Call Direct 50 account which is a 50 day notice post and telephone operated account with a minimum investment of £250 paying 6.30 per cent annually, or 6.13 per cent monthly.

Conditions: Rate guaranteed to be at least 0.50 of a percentage point above base rate until 4 August, 2009, then at least equal to base rate until 2 March, 2010. Earlier access will result in 50 day loss of interest. Withdrawals can be made by cheque or BACS.

Contact: www.thechelsea.co.uk

Verdict: Standing at a rate of 6.30 per cent, this just falls below the market leading notice account which currently is 6.55 per cent. Although the rate guarantee offers some stability about future rates, it may also mean that the rate could reduce without the base rate changing. Investors also have to consider tying themselves in, as earlier access will mean a 50 day loss of interest, which is a drawback.

three stars

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