Chelsea Building Society Savings Terms & Conditions

viljo

Having read the Chelsea BS Terms and Conditions (T&C's) and enquired of the Chelsea it would appear that the Summer Bond Fixed Term fixed high interest account, recommended by Martin, includes the risk that at the end of the 1 year term it will not be possible to withdraw all of the invested funds. The terms include three options, none of which provide an investor with the entitlement to fully withdraw all funds. The Chelsea (telephone) adviser however did provide a verbal assurance that she had never known that request to be denied. However after an e-mail request for written confirmation of that assurance the Chelsea could not provide that assurance and the T&C's were restated in a letter. :mad:

MarkyMarkD

Well - doh! They are not going to give you a written assurance which differs from their published terms and conditions. That would be quite ludicrous - why should you get different Ts & Cs from everyone else?

withnell

Guessing one option is transfer into a Chelsea instant access account.....

Hungerdunger

withnell wrote: »

Guessing one option is transfer into a Chelsea instant access account.....

You've got it in one!

After the fixed rate period, this account will become Branch Instant (which is a variable, instant access account) and all withdrawals will be penalty free. Alternatively, we may offer you a further fixed or variable rate account available at this time

So I can't really see what the problem is.

viljo

The problem is that the instant access account has a restriction of a daily £500 withdrawl limit!

withnell

viljo wrote: »

The problem is that the instant access account has a restriction of a daily £500 withdrawl limit!

"Up to £500 cash or £5,000 cheque may be withdrawn immediately over the counter in a branch. Larger sums may be withdrawn by cheque in a few days."

So its instant access, and if you have more than 5k in you just ring up a few days beforehand so head office can authorise the cheque!

meatandtwoveg

http://forums.moneysavingexpert.com/showthread.html?t=1327233&highlight=

Sceptic001

meatandtwoveg wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1327233&highlight=

Won't they send a cheque by post or do a BACS transfer? Paying £35 for a CHAPS transfer seems a bit much, especially for a relatively small capital sum for anyone who cannot get to a branch.

Baldur

Whenever I have held fixed-term accounts with Chelsea, I have simply instructed them by post to close the account on maturity and send a cheque for the maturing balance to my home address and it has arrived within a day or two of maturity date.

kostigovs

Baldur wrote: »

Whenever I have held fixed-term accounts with Chelsea, I have simply instructed them by post to close the account on maturity and send a cheque for the maturing balance to my home address and it has arrived within a day or two of maturity date.

Me too also

Primrose

And me. Have always found them very prompt in their dealings.