Chelsea Building Society launches e-Saver Reward account

Chelsea Building Society has launched its first ever online account - the e-Saver Reward. The account, which pays 2.57% monthly interest (2.60% AER), is now available online at thechelsea.co.uk.

The account, available to UK residents aged 16 or over can be opened with as little as £1.  An initial deposit can be made by debit card, transfer from another bank or building society account or transfer from another Chelsea account. Additional deposits can be made in the same way.

Withdrawals can be made online to a nominated Chelsea or other bank / building society account with only a loss of interest in the month of the withdrawal. There will be no additional interest lost for multiple withdrawals in the same calendar month. A grace month in April will allow any withdrawals to be made without loss of interest.

Sarah Lawrence, Senior Product Manager for Savings said: "This is the Chelsea's first online savings account which has been made possible using technology now available to the Society following the merger with the Yorkshire. The Chelsea e-Saver Reward account will be a real plus for anyone looking for a competitive rate who wants to combine monthly interest with easy to use internet savings."