New: Chorley BS Single Access Saver Account (1 Withdrawal), 4.80% gross AER

gelato_cat

I have received an e-mail from Chorley about this.  Looks good if you want the following:

• 4.80% variable annual interest (gross AER) for 0 or 1 withdrawals per year (year is calculated from the day you open the account)
• For 2+ withdrawals, a lower rate of interest equivalent to the Chorleian Instant Access Account rate (currently 2.40% gross AER). This interest rate will apply for the remainder of the account year.  At the start of the new account year the account will revert to the Single Access Saver Account interest rate available at that time
• Minimum opening deposit £1
• Minimum balance £1000, maximum £500000

• Interest calculated daily and paid annually on 31st December into this same account
• Hold on your own or jointly with someone else
• One Single Access Saver Account (1 Withdrawal) per customer
• Can hold other Chorley Easy Access accounts alongside this one

• Apply in branch, by post or online
• Manage in branch, by post and online
• Can transfer money from other Chorley accounts
• Can withdraw to another Chorley account or to a nominated bank account or by cash, cheque or CHAPS
• No penalty for multiple Chorley Online transactions if you need to do more than one over more than one consecutive day because you reached the transaction limit

Product page: https://www.chorleybs.co.uk/savings/easy-access-accounts/88sa-single-access-saver-account-1-withdrawal

Wheres_My_Cashback

Good ? There are EA accounts with same/higher rates and unrestricted withdrawals and no penalties.

allegro120

Relaunching the same product with doubled minimum balance.  Previous one (Oct 2023) was paying top of the table 5.3%, this issue doesn't look very attractive.  

gelato_cat

Wheres_My_Cashback said:

Good ? There are EA accounts with same/higher rates and unrestricted withdrawals and no penalties.

I said "good if you want the following". Some people might! 

jaypers

Seems very restrictive. Personally think a better compromise is the Investec 90 Day Notice a/c paying 5.25%

nottsphil

gelato_cat said:

Wheres_My_Cashback said:

Good ? There are EA accounts with same/higher rates and unrestricted withdrawals and no penalties.

I said "good if you want the following". Some people might! 

But why would anyone want those withdrawal restrictions?
Cahoot Simple Saver, for example, pays 4.85% yet doesn't even require the £1,000 minimum balance.