Chelsea 2yr Fix -3.65% AER

D1zzy

I'm not happy to fix for more than 2 years - so along with coventry BS 3.7% this looks not bad

nilrem_2

Looks interesting, I have fixed accounts just matured with Chelsea and wondering what to do, they are offering 2.5% 1 year, 3.00% 2 years and 3.50% for 3 years bonds as reinvestment, if I do nowt they automatically invent in the 1 year option.

I am not keen on 3 years but 2 years at 3.65% looks quite good!

This looks better but it seems I can't just transfer over I have to withdraw the bonds to my current account and then apply for the on-line account.

nilrem_2

Thanks to the original poster for this account!

I have just opened an account on-line very quickly and it is possible to transfer other matured fixed rate Chelsea accounts into this account, you have print out a transfer form and send it with your passbook to head office in Cheltenham and they will transfer the funds into the new 2yr bond.

Monthly interest is available at the same 3.65% AER

2010

Can the Chelsea 3.65% be opened with £100 and money added later?

Is it easy to open or do you have to send ID proof?

D1zzy

2010 wrote: »

Can the Chelsea 3.65% be opened with £100 and money added later?

Money can be added after the initial deposit, as long as the bond has not been withdrawn.

Check the application process - can be opened on line with a debit card transaction - they need a passport number to validate ID.

nilrem_2

2010 wrote: »

Can the Chelsea 3.65% be opened with £100 and money added later?

You can open the account without depositing any funds, once the account is open you can transfer by debit card or send a cheque or transfer from another Chelsea account via post.

Is it easy to open or do you have to send ID proof?

Id is done electronically (instant) no proof was needed to be sent by post in my case but it depends on the electronic check, If you have a problem on-line doing your ID they have a number on screen which you can ring and they can often do it for you behind the scenes as you complete the application.

nilrem_2

D1zzy wrote: »

they need a passport number to validate ID.

No they don't! Neither myself or my wife have a passport and none was asked for in my case, I imagine in some cases they may ask for one but certainly it's not compulsory.

nilrem_2

FWIW if you are unsure about any details of this account their helpline are refreshingly helpful, the lady I spoke to was extremely knowledgeable about this account and was able to answer all of my questions without hesitation, very commendable compared to other helplines I have had to endure!

Once you have completed the application form it goes to a page with details of how to pay in funds and will give a pdf form to download filled in with your new account number for funds transfer or input.

Since reading about this account a couple of hours ago I have the account open and an envelope ready to post with my initial funds.

Top marks to the Chelsea and thanks to Dizzy for bringing the account to our attention.

2010

The minimum initial deposit is £100.
The maximum amount you can deposit is £2,000,000.
Your initial deposit can be made by debit card, transfer from another bank or building society account, or transfer from another account held with the Chelsea. Deposits may be made by cheque if your identity cannot be verified electronically during the application process. Any cheques subsequently received will be returned to you.
We do not accept Postal Orders.
Additional deposits (minimum amount £1) can be made by debit card, transfer from another bank or building society account, or transfer from another account held with the Chelsea.
Deposits by transfer from another Chelsea online account will start to earn interest on the day they are credited to your account. Transfers from an existing Chelsea branch or postal account to an online account will earn interest including the date of transfer on the previous account, and will start to earn interest on the online account from the following working day.
You can only make deposits to the e-Bond whilst it remains open to new investors. The e-Bond is a limited issue product, which means it can be withdrawn without notice at any time.

DAK if the Chelsea take faster payments?

How much can you send by Debit Card per transaction?

alanq

For anyone not wishing to reinvest into the Chelsea may I suggest the AA 3-year bond which is paying 4.10%. If you want your money before maturity but after the 2nd anniversary you pay just 90 days loss of interest. By my reckoning that works out at the equivalent of around 3.60% for two years.

http://www.theaa.com/savings/fixed-rate-savings-accounts-products.html

D1zzy

nilrem wrote: »

No they don't! Neither myself or my wife have a passport and none was asked for in my case, I imagine in some cases they may ask for one but certainly it's not compulsory.

Sorry about that -I'm sure I read that you would need a passport no (or similar ID confirmation) in the application process, but can't find it now, so must have dreamt it