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Chelsea Building Society Fixed Rate Bond 6.90%
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Mithos
Posts: 137 Forumite
Hello!
I was talking to the Chelsea Building Society on Monday, and they told me this coming Saturday they would be releasing a new 1 year Fixed Rate Bond offering 6.90% Gross (5.52% net) it's fixed until March 09. (min opening balance £1,000)
Check their site on Saturday to download the app form or call them to get one sent out (he wouldn't send it out until Saturday when the a/c is released though).
http://www.thechelsea.co.uk/html/savings/index.html
(It's a high rate so bet it wont be around for long!!)
I was talking to the Chelsea Building Society on Monday, and they told me this coming Saturday they would be releasing a new 1 year Fixed Rate Bond offering 6.90% Gross (5.52% net) it's fixed until March 09. (min opening balance £1,000)
Check their site on Saturday to download the app form or call them to get one sent out (he wouldn't send it out until Saturday when the a/c is released though).
http://www.thechelsea.co.uk/html/savings/index.html
(It's a high rate so bet it wont be around for long!!)
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Umm, seems fixed rates are the order of the year, i wonder why?
Banks and building societys want your cash, but they want it for at least the year, me thinks the credit crunch is not so much a lack of liquidity, but the lack of actual ability to operate as a business, some maybe sailing to close to the wind, where if they moved all losses back onto the balance sheet, then they maybe deemed bankrupt?
This thing will run for years, but the next twelve months should hopefully highlight how bad the it is, but i do not believe it is a lack of the ability to borrow cash from other banks, We have a load of overpriced bricks and mortar, and a load of massive mortgages lent to based on these over priced sh!tholes, and we have a load of people unable to pay these massive mortgages, due to rising living costs, and stagmant wages, i wonder who will be left holding the toxic waste? Whoever it is, i bet they want your cash asap, and for the next year?:rotfl:0 -
Hello!
I was talking to the Chelsea Building Society on Monday, and they told me this coming Saturday they would be releasing a new 1 year Fixed Rate Bond offering 6.90% Gross (5.52% net) it's fixed until March 09. (min opening balance £1,000)
Check their site on Saturday to download the app form or call them to get one sent out (he wouldn't send it out until Saturday when the a/c is released though).
http://www.thechelsea.co.uk/html/savings/index.html
(It's a high rate so bet it wont be around for long!!)
people should note that if it is a click issue applications can be handed in at a branch where they will go to Chelsea Head Office by Courier rather than by snail mail, additional advantage is that the branch will check ID which saves ID having to be posted.
In answer to king kenny re fixed bonds being the in thing atm, in thing atm is financial providers offering top rates for accounts where their is little or no transactions available.
Chelsea current 6.65% fix that matures september 2009 is being withdrawn on friday.
Saturday 6.9% fix until march 2009 is being launched as per O/P post :T
Also being launched on Saturday is 2 year 6.60% fix until March 2010.
i said to chelsea about their fixed rate accounts always maturing mid week so investor loses interest over weekend when taking it out, answer was their is 3 week period where investor can decide what to do, during which time their investment earns same interest rate as its been earning during fixed rate period. :j
what people think savings rates will be in March 2009. :think:0 -
bristolleedsfan
Couple of points i am interested to hear about?
1) What is the interest rate on the one and two year fixes for monthly interest paid etc?
2) Is it possible and if it is what is the process? Should you hold an account with the Chelsea, and it requires a notice period to be given prior to extracting your funds. Can you open a fixed rate account on one day, on the same day give your required notice on your savings Chelsea account, then when your notice is ready for collection, allow the Chelsea to internally transfer your funds into your fixed rate bond with no loss of interest?
It seems these bonds are great but if you have to give notice on a Chelsea or another account they can be withdrawn or not allow you to transfer money in after a certain amount of time? Which for some restricts there ability to open a fixed rate bond, something the Chelsea need to make clear!0 -
bristolleedsfan
Couple of points i am interested to hear about?
1) What is the interest rate on the one and two year fixes for monthly interest paid etc?
2) Is it possible and if it is what is the process? Should you hold an account with the Chelsea, and it requires a notice period to be given prior to extracting your funds. Can you open a fixed rate account on one day, on the same day give your required notice on your savings Chelsea account, then when your notice is ready for collection, allow the Chelsea to internally transfer your funds into your fixed rate bond with no loss of interest?
It seems these bonds are great but if you have to give notice on a Chelsea or another account they can be withdrawn or not allow you to transfer money in after a certain amount of time? Which for some restricts there ability to open a fixed rate bond, something the Chelsea need to make clear!
i didnt ask about monthly interest because it wasnt something i was thinking about.
all notice accounts require either notice to be given or loss of interest should instant withdrawal be made without appropriate notice.
all fixed rate issues only allow funds to be added while the issue is open.
i phoned freephone no, operator seemed very clued up on chelsea procedures and accounts. 0800 121 8822 :j
if its any guide here is chelsea monthly interest rate for one of their current bonds, http://www.thechelsea.co.uk/html/savings/invest_ccns_intro.html
wonder y chelsea decided to make tuesday 24th march the maturity date for the one year bond. :think: ( answers on a postcard king kenny pse :rotfl: )
http://www.moneyfacts.co.uk/savings/bestbuys/fixed-rate-savings-accounts.aspx0 -
bristolleedsfan
Couple of points i am interested to hear about?
1) What is the interest rate on the one and two year fixes for monthly interest paid etc?
2) Is it possible and if it is what is the process? Should you hold an account with the Chelsea, and it requires a notice period to be given prior to extracting your funds. Can you open a fixed rate account on one day, on the same day give your required notice on your savings Chelsea account, then when your notice is ready for collection, allow the Chelsea to internally transfer your funds into your fixed rate bond with no loss of interest?
It seems these bonds are great but if you have to give notice on a Chelsea or another account they can be withdrawn or not allow you to transfer money in after a certain amount of time? Which for some restricts there ability to open a fixed rate bond, something the Chelsea need to make clear!
I've delt with Chelsea for a few years now... their biggest flaw is they CHANGE a/c's all the time, you go into one and then they bring another out. It's good in a way because you are always checking on your money, but then again you could argue its sly!
Anyway I digress, When i spoke to the person he wasn't sure the monthly rates because the a/c hadn't been officially released, (suppose it was nice to tell me there was a new one on its way!) But their AER is always the same as the gross figure so monthly interest will be something reasonable.
KingKenny - before I was in that exact position with having a 20 day notice a/c etc, and they said as long as i had made my intention clear i wanted to move into the new a/c 20 days later (so filling in an application form etc) they would still honor the transfer even if the new a/c was withdrawn before the 20 days had been fulfilled.
About the FSA 35k... I notice that on their website they seem to have a link to Norwich Union, and use the CO - OP for clearing their cheques and the like, would that mean you aren't covered by FSA regulations if you have some kind of a/c with all 3?0 -
I've delt with Chelsea for a few years now... their biggest flaw is they CHANGE a/c's all the time, you go into one and then they bring another out. It's good in a way because you are always checking on your money, but then again you could argue its sly!
Anyway I digress, When i spoke to the person he wasn't sure the monthly rates because the a/c hadn't been officially released, (suppose it was nice to tell me there was a new one on its way!) But their AER is always the same as the gross figure so monthly interest will be something reasonable.
KingKenny - before I was in that exact position with having a 20 day notice a/c etc, and they said as long as i had made my intention clear i wanted to move into the new a/c 20 days later (so filling in an application form etc) they would still honor the transfer even if the new a/c was withdrawn before the 20 days had been fulfilled.
About the FSA 35k... I notice that on their website they seem to have a link to Norwich Union, and use the CO - OP for clearing their cheques and the like, would that mean you aren't covered by FSA regulations if you have some kind of a/c with all 3?
Most Building Societies are linked to Norwich Union, its what they call independent advice. :rotfl: :rolleyes: :rotfl:
moving from a 20 day notice to another 20 day notice is effectively like for like, king kenny might be lucky, best thing for him is to utter the words " because u are a mutual " :cool:
imo is " sly" :mad: certain financial institutions keep launching new accounts all the time, not everyone has time to check rates and accounts every month nore should they have to.
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KingKenny - before I was in that exact position with having a 20 day notice a/c etc, and they said as long as i had made my intention clear i wanted to move into the new a/c 20 days later (so filling in an application form etc) they would still honor the transfer even if the new a/c was withdrawn before the 20 days had been fulfilled.
Cheers,
Ummm, with all the shocks around at the moment a fix might be about right for a year or two? Trouble is there are some good fixes around at the moment, Nationwide in particular looks tempting at 6.7%. I am not a fan of the Chelsea, a very sly outfit sly being a good term to use, i have used far more sever in the past, but the bloke who works for them on here will tell you all about that episode i am sure? He will be along pretty soon!
Anyway, so if i give notice, will they honour the notice on an account which is external to them, as internally, i expected them to honour it, as it makes sense too, rather than to p!ss a current customer off?
Cheers!?bristolleedsfan wrote: »wonder y chelsea decided to make tuesday 24th march the maturity date for the one year bond. :think: ( answers on a postcard king kenny pse :rotfl: )
Why, i am asking you why? Three day BACS out cleared by Friday! or CHAPS one day cleared that day? Whats the problem?
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Why, i am asking you why? Three day BACS out cleared by Friday! or CHAPS one day cleared that day? Whats the problem?
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while BACS/Chaps to current account suits some people, personally when i move money from one institution to another i like paying proceeds straight into another savings account, to avoid same money having to clear twice. ( before u say well BACS it direct, ive experienced building societies refusing to send a withdrawal cheque direct to another building society and u yourself have posted saying uve had problems trying to do BACS to an account u didnt have preverified. ( as is proven by chelsea 6.9% fix launch at short notice who knows where funds are being moved to until very short notice )
anyway got told today chelsea give period of 3 weeks for people to decide what they are gonna do with their maturity funds and they pay interest at the same rate as the fixed rate for that period so i will be able to organise a monday withdrawal by post. :j0 -
From experience, with any other institution, and Chelsea should operate the same, otherwise do not touch them with a large amount of cash funds, but, if we are talking a significant amount of cash, then written instructions as to when and where you want the funds BACS to would be fine, or even better, same again written instructions to an account on YOUR name, which accepts CHAPS and BACS payments in, so must have a sort code and account number, .i.e. a buiding society account in your name will have these, then fine again. Even ICE Save will accept the funds into their holding account, no problems!
But cheque withdrawals only, do not touch them, and if they CHAPS or BACS into a current account then they will have to BACS or CHAPS into any account with a sort code and account number in your name!0 -
From experience, with any other institution, and Chelsea should operate the same, otherwise do not touch them with a large amount of cash funds, but, if we are talking a significant amount of cash, then written instructions as to when and where you want the funds BACS to would be fine, or even better, same again written instructions to an account on YOUR name, which accepts CHAPS and BACS payments in, so must have a sort code and account number, .i.e. a buiding society account in your name will have these, then fine again. Even ICE Save will accept the funds into their holding account, no problems!
But cheque withdrawals only, do not touch them, and if they CHAPS or BACS into a current account then they will have to BACS or CHAPS into any account with a sort code and account number in your name!
begs the question as to why building societies wont do same with cheques, i.e make them out to xxxxxxxxxBS ( a/c our name) and post direct to another building society.
also from experience while head offices will do BACS. ( so in this case chelsea click and fix ( by post :rotfl: ) building society branches will not do BACS from a savings account at all, in my experience they insist on branch withdrawals being done by cash or cheque.
this is y if u go into a bank and mention the word " building society" response tends to be chuckling boardering on open laughter. 0
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