A Word of Warning Chelsea Building Society

PBA

Rafter wrote: »

Kind of suggests that the rules do need to be changed. And that the Banking Code shouldn't be something written and policed by the banks themselves!

Seriously, why do the rules need to be changed? If the Chelsea drop their rate by more than 0.5% relative to the base rate then the customer gets a letter. They also get a list of interest rates when they get their annual TDC each April. If the customer isn't reading what the bank sends them anyway then how does more regulation help (except by increasing the bank's admin, reducing rates for everyone).

KingKenny

PBA wrote: »

Seriously, why do the rules need to be changed? If the Chelsea drop their rate by more than 0.5% relative to the base rate then the customer gets a letter. They also get a list of interest rates when they get their annual TDC each April. If the customer isn't reading what the bank sends them anyway then how does more regulation help (except by increasing the bank's admin, reducing rates for everyone).

Do you work for the Chelsea?:rotfl:

If you invest your hard earned cash, and they decide to drop the rate on your account, then they should let you know.

Thats the point of this thread, The Chelsea love to drop when you are not looking!:j

nilrem_2

Rafter wrote: »

Nilrem,

Building Societies are not out to maximise profits because they are owned by their members.

I realise that which is why I said Financial institutions!:) But I stand by my comments that they will make as much as they possibly can from us, people do tend to think of Banks and BS's as charities and expect the service to be Free!

IMHO Chelsea are no different from the others, we know they will give out as little interest as they possibly can and it is up to us to read all the small print and keep track of their rates.

bristolleedsfan

KingKenny wrote: »

Do you work for the Chelsea?:rotfl:

If you invest your hard earned cash, and they decide to drop the rate on your account, then they should let you know.

Thats the point of this thread, The Chelsea love to drop when you are not looking!:j

thread for u 2 :rotfl:

http://www.themoneybag.com/vb/showthread.php?t=38731

KingKenny

bristolleedsfan wrote: »

thread for u 2 :rotfl:

http://www.themoneybag.com/vb/showthread.php?t=38731

Its that other Chelsea Financial Adviser ot Till operator?

Spin all you want my old son, they have loads of cash on reserve, because, they attract tons of custom on the back of introducing juicy savings rates, then, when you are just about to sit back, kick your feet up, and think, my savings are earning me a nice return?

The Chelsea Building Society " DROP THE RATE ON YOUR SAVINGS ACCOUNT"

Watch it happen on the Call Direct 30 2nd Issue, it has already been withdrawn and put in the archives all ready for the big drop?:beer:

:rotfl: :rotfl: :T

KingKenny

http://forums.moneysavingexpert.com/showthread.html?t=563798:beer:


bristolleedsfan or is it bristolCHELSEAfan:T

Do you work in there financial product markerting department?;)

kingkenny will now explain what will happen to the bonus savings account now that its closed to new account openings. :rotfl:


Kingkenny does not need to, just read this thread?

nilrem_2

KingKenny wrote: »

bristolleedsfan or is it bristolCHELSEAfan:T

Do you work in there financial product markerting department?;)

kingkenny will now explain what will happen to the bonus savings account now that its closed to new account openings. :rotfl:


Kingkenny does not need to, just read this thread?

I have no idea whether Bristolleedsfan works for Chelsea or not, but you seem to have a vendetta against them for some reason! Chelsea ain't wonderful but they are not bad either.

bristolleedsfan

nilrem wrote: »

I have no idea whether Bristolleedsfan works for Chelsea or not, but you seem to have a vendetta against them for some reason! Chelsea ain't wonderful but they are not bad either.

nope i dont, whilst i agree with the sentiment of kingkennys posting as i mentioned earlier in the thread the language used is imo over the top and smacks of a grudge, if it had appeared in the sun newspaper could have resulted in queues forming outside of Chelsea BS branches. :eek:

lets face it chelsea are not alone in launching best buy accounts which soon "lose interest" and superceded with another best buy account, scarborough BS are another long term culprit along with bradford and bingley, i was disappointed last week to see :money: on GMTV plugging bradford and bingley internet account when look at all the different internet accounts bradford and bingley have launched which have soon become mediocre.

look at all the B+B closed issue e-savings accounts, absolutely no need for them to keep launching new internet accounts with headline grabbing rates.

http://www.bradford-bingley.co.uk/savings/product/index.asp

KingKenny

Chelsea have now launched their 4th Issue of the Call Save 30 Day Notice Account? As of 20/10/2007.

4 Bladdy Issues?:beer:

Why 4 issues which do not differ at all in the space of a few months?

My guess is RATE DROPS beware?:rotfl:

bristolleedsfan

KingKenny wrote: »

Chelsea have now launched their 4th Issue of the Call Save 30 Day Notice Account? As of 20/10/2007.

4 Bladdy Issues?:beer:

Why 4 issues which do not differ at all in the space of a few months?

My guess is RATE DROPS beware?:rotfl:

i brought up the conversation when i was in chelsea branch month before last, was told that when an issue reaches a certain funding level they have to close the issue and launch a new issue of the product.

2nd and 3rd issues are paying the same 6.40% gross rate, issue 1 i cant c listed.

http://www.thechelsea.co.uk/html/savings/invest_intrates_old_current.html#CD30_3