Saving for a rainy day

Chelsea Building Society has announced the launch of Rainy Day Savings (3rd Issue) from Thursday 8 May 2008.

Key features of the account:

Variable interest rate of 6.10% gross pa/AER, 4.88% net
Rate guaranteed to be at least the same as the Bank of England Base Rate for the first 12 months of saving from the date of account opening
Fee free withdrawals allowed up to a combined total of £1,000 in the first year of saving (minimum withdrawal £200)
Withdrawals and/or closures totalling over £1,000 in the first 12 months of saving are subject to a £10 administration fee
Fee free withdrawals allowed after the first year
Annual interest is first paid on 1 May 2009 and annually thereafter. A monthly interest option is also available.

For more information, visit thechelsea.co.uk.