Money News
Chelsea Building Society has announced the launch of two new Spring Fixed Rate Bonds - the 1 year (2nd Issue) offer paying 6.80% gross pa (5.44% net); the 2 year (2nd Issue) deal paying 6.50% gross pa (5.20% net).
Corresponding rates for those seeking monthly income are 6.60% gross (5.28% net) and 6.31% gross (5.05% net). Annual interest is first paid on May 1st 2009 and annually thereafter.
Withdrawals made before the end of the fixed rate period are permitted, but will be subject to a penalty equivalent to 180 days' loss of interest on the amount withdrawn. After the fixed rate period, immediate penalty free withdrawals will be allowed.
At the end of the fixed rate period, the funds in these accounts will transfer to Branch Instant, paying a lower rate of interest. Alternatively, customers may be offered a new fixed rate bond if the society is able to do so at that time.
Withdrawals are subject to daily limits - you can normally withdraw up to £500 in cash or £5,000 by cheque on demand. Larger sums by cheque may be withdrawn in a few days.
Minimum investment is £1,000; maximum £500,000.
SAVINGS | DEPOSIT ACCOUNTS | CASH ISAS | CHILD TRUST FUNDS |Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.