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Chelsea launches monthly income account

Chelsea launches monthly income account

Category: Savings

Updated: 24/04/2009
First Published: 24/04/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.