Chelsea BS has launched a new instant access, branch based account that pays a competitive monthly rate of 2.54% on a minimum investment of £100. The AER is guaranteed to be at least 0.50% above the Bank of England base rate until 4.8.10. Withdrawals are subject to 40 days loss of interest until that time and penalty free thereafter. The account is amongst the market leaders in its field and is a welcome addition to the growing savings portfolio that Chelsea BS offers. Consumers should be aware that the current rate is well above the Bank of England guarantee, so the rate could drop even if the base rate increases. However, this shouldn't deter people who prefer to carry out their banking in branch. The product has been awarded four out of five Moneyfacts stars.
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