A Word of Warning Chelsea Building Society

KingKenny

bristolleedsfan wrote: »

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

So we friends now?;)

bristolleedsfan

KingKenny wrote: »

So we friends now?;)

thought we were before.

Mithos

bristolleedsfan wrote: »

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

I questioned this Monday... they gave the same reason.

All recent issues; 2 - 4 have had a rate drop (0.25%) But that's true for all their a/c's I think. Base rate drop.

bristolleedsfan

Mithos wrote: »

I questioned this Monday... they gave the same reason.

All recent issues; 2 - 4 have had a rate drop (0.25%) But that's true for all their a/c's I think. Base rate drop.

chelsea not had good 1 year fix for ages. current issue which will be withdrawn is 6.35%

http://www.thechelsea.co.uk/html/savings/invest_fixrateops_intro.html

2 year fix which again will be withdrawn on friday has been paying 6.10%

6.65% which was released in november 2007 i believe, is being withdrawn on friday, ( long run considering very good rate for the period) :rolleyes:

chelsea can keep same accounts running for a long time when it suits them, lets face bit of reality re answers that any customer advisors give, they will be well trained to answer certain questions.

not sure what u mean by "base rate drop" as chelsea are launching a new 1 and 2 year fix on saturday with much higher rates ( 6.9% +6.60%) than current issues despite last months base rate decrease.

i like king kennys O/P " i dont bank with them" now he says he has notice account with them. :rotfl: :T :rotfl:

Mithos

The 4th issue was withdrawn on Friday... and there is no 5th issue to replace it.

Bet the rate drops below 6% at the end of the month because of the base rate change.

(I notice they also have a snazzy looking website now too)

nilrem_2

Mithos wrote: »

The 4th issue was withdrawn on Friday... and there is no 5th issue to replace it.

I don't know if I am reading your comment correctly(?) but Chelsea are still advertising a Fixed issue on their site, it is the 7th issue Fixed
1 Year Fixed Rate (7th Issue) 6.25% AER 5.00%
Monthly 6.08% 6.25%AER

Mithos

nilrem wrote: »

I don't know if I am reading your comment correctly(?) but Chelsea are still advertising a Fixed issue on their site, it is the 7th issue Fixed
1 Year Fixed Rate (7th Issue) 6.25% AER 5.00%
Monthly 6.08% 6.25%AER

lol, er this topic is about the CALL DIRECT 30... not their bonds.

col12345

In response to the comments above I had a Chelsea Call Direct 30 and can confirm that the 2nd, 3rd and 4th issues all have a rate guarantee on them. they will go no lower than the BBR for a specified period (just over a year). the rate did go down as unfortunately there were three cuts in interest rates and the account was VARIABLE!!!!!!

I think it is a little strange to moan about a variable rate account going down when interest rates are going down. Even though these accounts are now withdrawn and this is an old thread the account is still paying 0.55% above the bank base rate thereby still over-fulfilling it's rate promise.

Cast your minds back 2 years and you would have gladly taken this kind of return on a 30 day notice account.

Greedy Savers forcing Banks and Building Societies to pay unrealistic rates are going to get the rate pulled from underneath them; and in no small way are affecting the Economy as, surprise surprise the building societie have to pass these rates to the Mortgage customers.

jack_spratt_2

With the amount of rubbish written on these forums I wonder why I come back to read them.!!
Of course the Chelsea reduce interest rates on existing accounts and put footnotes so do most financial institutions .If you are prepared to do a little work I have never had an account with them paying less than 6% interest on instant or 30 day notice accounts !! I was told by the branch to pop in every 6 months and they will check for me to make sure I was getting the best interest rate I could .
Anybody who expects a financial institution to maintain interests on a account over a long period are not in the real world !! its all about catching the headlines

Lansdowne

This is an old thread, more than 1 yr old. Much time is wasted resurrecting old threads, they should be frozen after a certain amount of time.