Chelsea Building Society Rainy Day Savings (3.25% gross p.a. variable for 1 year)

Special_Saver2

This account has been launched today. It pays 3.25% gross p.a. variable which includes a 1.5% introductory bonus for the first year on £10,000+. It can be operated online or by post. The interest can be paid annually or monthly (same rate, 3.25% AER).

Here is the catch though:

Fee free withdrawals permitted up to a combined total of £5,000 in the first year. Withdrawals/closure totalling over £5,000 in the first year are subject to a £25 admin fee. Minimum withdrawal £500

I really don't like accounts where they can drop the interest rate (or not increase it in line with increasing base rates) and then impose a penalty to withdraw your cash. I will be staying away from this account.

Here is a link in case you are interested though - Chelsea BS Rainy Day Savings Issue 4.

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