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Chelsea BS - Over 50's Instant Account
alanq
Posts: 4,216 Forumite
Coming shortly.
2.50% AER paid monthly. Note NO GUARANTEE re future rate changes.
Instant access without penalty.
Balance £200-£50,000
Interest rate compares favourably with other instant access passbook accounts.
The Senior Saver account is being withdrawn and existing accounts moved to the new account where there will be the following changes:
* a higher interest rate BUT there will no longer be a guarantee linked to BOE base rate
* regular monthly investments will no longer be required. Lump sum investments can be made up to the maximum permitted balance.
* maximum balance will increase from £25,000
* there will no longer be an option to have interest paid annually
2.50% AER paid monthly. Note NO GUARANTEE re future rate changes.
Instant access without penalty.
Balance £200-£50,000
Interest rate compares favourably with other instant access passbook accounts.
The Senior Saver account is being withdrawn and existing accounts moved to the new account where there will be the following changes:
* a higher interest rate BUT there will no longer be a guarantee linked to BOE base rate
* regular monthly investments will no longer be required. Lump sum investments can be made up to the maximum permitted balance.
* maximum balance will increase from £25,000
* there will no longer be an option to have interest paid annually
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Comments
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Slightly better off going for the Guarantee Plus account 2.65% open with only £100, annual interest.
Edit...sorry this is the account I opened recently....just to keep the slim chance of a windfall alive!
...just realised it's not instant access!Love is GRAND..........Divorce is 100 GRAND!0 -
They blown £millions of members' money in Iceland.this is the account I opened recently....just to keep the slim chance of a windfall alive!
...just realised it's not instant access!
They've blown £millions of members' money on fraudulent buy to let mortgages.
The only windfall Chelsea will pay has gone to the directors who have been forced to resign and take up their £million pensions :mad:
Take your money out of this car crash.0 -
baby_boomer wrote: »
Take your money out of this car crash.
Why ? Up to £50,000 is just as safe there as anywhere else - except perhaps Northern Rock.
This wreck has been paying me 6.65% for the last 20 months. Move it somewhere else and get half that rate in somewhere no safer - I think not!0 -
2.5% isn't that great for instant access these days - you can get 3% + with several providers0
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moonrakerz wrote: »Why ? Up to £50,000 is just as safe there as anywhere else - except perhaps Northern Rock.
This wreck has been paying me 6.65% for the last 20 months. Move it somewhere else and get half that rate in somewhere no safer - I think not!
Perhaps it's time some of the other banks out there started complaining about how Govt guarantees encourage savers to take reckless risks because they think they can profit at no cost.
Why should institutions like this be propped up and taxpayers fund people taking these risks?
Whatever happened to 'caveat emptor'?Trying to keep it simple...
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EdInvestor wrote: »Perhaps it's time some of the other banks out there started complaining about how Govt guarantees encourage savers to take reckless risks because they think they can profit at no cost.
Why should institutions like this be propped up and taxpayers fund people taking these risks?
Whatever happened to 'caveat emptor'?
If I remember correctly, it was the banks that had to be bailed out by the taxpayer NOT the Building Societies - they sorted out their problems amongst themselves !
This "buyer" is being aware ! 0 -
2.5% isn't that great for instant access these days - you can get 3% + with several providers
True but many people are not happy with internet/ telephone/ postal accounts or accounts only operated with plastic cards. The Chelsea account offers a passbook and the option of a LINK card in addition.
http://www.thechelsea.co.uk/savings/invest_senior_intro.html0 -
They won't be able to afford to offer the rates they used to in comparison to the rest of the market after their dismal "mishaps". As a result a no-windfall merger may be all the management can now hope for.moonrakerz wrote: »Why [take my money out] ? Up to £50,000 is just as safe there as anywhere else - except perhaps Northern Rock.
This wreck has been paying me 6.65% for the last 20 months. Move it somewhere else and get half that rate in somewhere no safer - I think not!
No-one on the thread was talking about 6.65% fixed until you raised it. Of course it's sensible to see out such a rate under the UK's benign regulatory environment and review the market when it comes up for renewal.
That's what everyone here does :rolleyes:.
And people must by now be fed up, if relieved, with hearing that there are no fatal car crashes for savers in UK institutions. But the institution itself has come off the road and has done itself irreparable long term damage in the process.0 -
moonrakerz wrote: »If I remember correctly, it was the banks that had to be bailed out by the taxpayer NOT the Building Societies - they sorted out their problems amongst themselves !
Not forgetting that some of the losses/reduced profits reported by Building Societies are due to having to make payments into the FSCS to rescue the savings of customers of the failed banks!0 -
baby_boomer wrote: »No-one on the thread was talking about 6.65% fixed until you raised it. Of course it's sensible to see out such a rate under the UK's benign regulatory environment and review the market when it comes up for renewal.
Your original statement was:- "Take your money out of this car crash."
Do I assume this should have been followed by "unless you cannot get a better rate elsewhere " ? :rolleyes:0
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