A Word of Warning Chelsea Building Society

KingKenny

I do not bank with them.

They recently launched a Call Direct 30, table topping rates as per usual.

This was a 2nd ISSUE, they now have closed this account to new customers,
SO BEWARE THE RATE WILL DROP, I SAY WILL DROP!!!!!!!!!!!!

They have launched a 3rd edition, of this account WHY i do not know, it is no different, apart from it gives the option to drop the rate on the 2nd issue.


http://www.thechelsea.co.uk/ They really are a joke, its so obvious

KingKenny

So no one got this account then, never mind, i just hate the way the Chelsea pull a fast one?

And if i have to keep bumping this warning along i will?

If you are reading Chelsea, WHY THE HIDDEN IN THE SMALLPRINT!

SORRY FOOTNOTE?

bristolleedsfan

KingKenny wrote: »

SMALLPRINT!

chelsea use the word "footnote"

if i was you i would be a little carefull about libelous posts.

baby_boomer

Chelsea always do this. MSE members are mostly aware. You just have to play them at their own game and close the account when the rate drops.

They appear in the best buy tables more than most, so how else are they going to manage it? If they didn't, you wouldn't open an account.

The Chelsea "booklet" of "interest rates on past issues" will soon be rivalling the Bible in terms of size :rotfl:.

But Chelsea, exactly because of their "dastardly tactics" is one institution that the dedicated MSE member can frequently profit from .

KingKenny

bristolleedsfan wrote: »

chelsea use the word "footnote"

if i was you i would be a little carefull about libelous posts.

Footnote = Something the Chelsea use to hide the facts that will make the customer at a loss, but the Chelsea at a gain?

In other words, if you do not read the "footnote" then get ready to lose money on your hard earned savings, by way of loss of interest ?:rotfl:


Now regarding your comment on "libelous posts", well this is the feedback i was looking for. As i can only guess i know, but for you to make such a comment as to "If i were you", well you are not, but why should you give such advice. Me thinks you are sensitive to anybody making The Chelsea Building Society look like an institution which is not always "looking after their customers", but much prefer to claw as many in, then hopefully will not notice when they "throw you to the lions by way of dropping the rates" on there table topping products?

What really annoys me about the Chelsea is they do not even have the decency to give an introductory bonus period on this account. They will just drop it when ever they feel, hoping you will not notice or be bothered to do anything.

Now because of your sensitivity to the Chelsea, could you please ask your bosses, or your partners bosses to stop trying to pull a fast one?

1) Leave the rate as it was

2) Give an introductory bonus period so all know when it ends, so to withdraw the money

3) Give a guarantee for a period of time, so all know when it ends, so to withdraw the money


But do not do what they have done, a table topping rate, the product withdrawn, when they consider the time is right, hide it away in their back catalogue. Then drop the rate hoping you will not notice.

These are facts, not liable comments. If they are not facts, then i must be living in never never land?

:T

bristolleedsfan

baby_boomer wrote: »

But Chelsea, exactly because of their "dastardly tactics" is one institution that the dedicated MSE member can frequently profit from .

"profit from" chelseas top paying accounts are still call based, so costs money to phone as chelsea havent got around to launching an internet account.

if a chelsea account "loses interest" costs money to move elsewhere much better to save in accounts where rates remain near the top of the best buy tables.

baby_boomer

So, does that mean you have no money saved with Chelsea, blf - or is it just £100 ?

Their children's account, however, is a top payer @ 6.2%, with no bonuses or obvious catches.

bristolleedsfan

baby_boomer wrote: »

So, does that mean you have no money saved with Chelsea, blf - or is it just £100 ?

i got reg saver with chelsea, in march i had 2543 in it, when it failed to pass on the full rate rise in full around that time ( they subsequentely failed to pass on every subsequent rate rise in full as well on its reg saver :rotfl:) i withdrew 2443 which i chucked in leeds BS loyalty account ( 6.45% gross atm) so now i got 160 in chelsea, pay in my 10.00 at start of month to earn max interest. :rotfl:

as chelsea have no internet savings facility im hoping they will do a to aquire a internet savings facility and a more "enlarged society" for its members. :cool:

KingKenny

bristolleedsfan wrote: »

as chelsea have no internet savings facility im hoping they will do a to aquire a internet savings facility and a more "enlarged society" for its members. :cool:

The footnote kings cannot or do not want to compete with ICE Save and ICICI, so they like to stick to their short term table toppers?:rotfl:

Come on Chelsea, play fair, give us a guarantee which is competitive?:T

Rafter

So you want a savings rate of above 6% and a mortgage at less than 6% and expect your savings with a building society to be safe?

Every bank, insurance company and other financial institution attracts customers by offering juicy rates and then managing them down over time.

Some manage down a lot worse than others and ICE Save and ICICI will be no different. They cannot possibly continue to offer these rates because they can't lend the money you save with them to anything low risk and earn that kind of return in the long run.

Until all consumers behave like moneysavingexperts existing customers will always subsidise new customers and even building societies (who are owned by they savers and borrowers) have to do this or they wouldn't attract new customers.

Nationwide tried to offer existing customers a better deal a few years ago and their market share dropped like a stone because new customers could get a better deal elsewhere and existing customers could still get juicier teaser rates from others playing the old system.

R.

KingKenny

Rafter wrote: »

So you want a savings rate of above 6% and a mortgage at less than 6% and expect your savings with a building society to be safe?

Every bank, insurance company and other financial institution attracts customers by offering juicy rates and then managing them down over time.

R.

No, this thread is not about "i want a mortgage rate lower than my savings rate" It is not really possible, and that is not rocket science?

This thread is about an institution which week in week out introduces a product, tells everyone what a great product, people buy in to it, then the institution hide's it away in their back catalogue after a while, then when they feel they are ready to, drop the rate and tell you, if they have to tell you, 30 or something days later? Depending on, by how much they drop the rate?

Not really on is it, a short term product with no timeline of guarantee, just a "look we are top of the best buy tables again"?:rotfl: