Chelsea launches 90 Day Notice account

Chelsea Building Society is encouraging savers to point their savings in the right direction with the launch of its Chelsea 90 Day Notice account on Saturday 26 April 2008.

Speaking about the account David Black, Principal Consultant for Banking at Defaqto commented, "The average rate payable for a £1,000 balance is currently 3.90% for a notice account or 3.78% for an instant/easy access account. If you also bear in mind that the Bank of England base rate is currently 5.00% this new account from Chelsea looks like exceptionally good value."

Annual interest is first paid on 1 May 2009 and annually thereafter. A monthly interest option is also available.

Withdrawals made before 10 July 2009 will be subject to a penalty equivalent to 90 days' loss of interest on the amount withdrawn1. After 11 July 2009, immediate penalty free withdrawals are permitted.

To find out more about Chelsea 90 Day Notice account, visit thechelsea.co.uk.