It never rains but it pours at Chelsea

Chelsea Rainy Day PostSaver is a postal account with an attractive rate of interest, 6.00% gross pa/AER+(including an unconditional 1.00% gross pa bonus for the first year from the date of account opening), aimed to encourage people to save for those unexpected emergencies in life. The account is being launched on Saturday 19 May 2007.

“The launch of Rainy Day PostSaver means you can now save for the unexpected while still having easy access to your money”, commented Jenny Hudd, savings marketing manager at Chelsea Building Society. “During the initial twelve month bonus period, withdrawals up to £2,000 are permitted fee free, so you can still be prepared should you have one of life’s unexpected emergencies”.

Lisa Taylor, of Moneyfacts, said “The headline rate of 6% is a market leading deal, ideal for any saver looking to invest money for the future and requiring occasional access to their funds. It is great to see Chelsea Building Society taking steps to encourage savers to invest some of their savings for a rainy day; a savings buffer can be a lifesaver when an expected expense comes along.”

Key details of this account which is launched on 19 May 2007 are:-

Key features of the account

Interest will not be earned during any period where the balance is less than £500
Withdrawals up to £2,000 are permitted fee free
Minimum withdrawal £500, four withdrawals are permitted fee free. No cash withdrawals or third party cheques are permitted
Withdrawals and closures made in the bonus period, totalling more than £2,000 will be subject to a £25 fee
Withdrawals after the bonus period are fee free