Chelsea Building Society Fixed Rate Bond 6.90%

geepster

nilrem wrote: »

Did anyone else get caught out by this thread? There was I reading about this fantastic new high rate from the Chelsea thinking "that is good" not noticing the date the thread started until page 2!

Yes I got caught out too. I thought wow! until I saw the date.

Mithos

meatandtwoveg wrote: »

Is this true, i have a bond which matures in March, have i got three weeks at the current rate of 6.69% monthly after the maturity date of the 24th March i think.

Its just i called them up last week, they did not mention this at all?

Wish i took the two year option now, i like the chelsea but their rates are not great?

Did you keep the terms and conditions leaflet? Just pulled mine out and had a read (fair enough its not actually for THIS bond, but would assume they are the same).

It states in a nut shell the fixed rate matures on a specific date, i.e 10th of February 2009. We will write out 7 days before notifying you of either a follow on bond, or to remind you the account is becoming a branch instant access account.

Pulled out one of those letters from a past bond and it runs along with; Your account is maturing on *date here*, we are pleased to offer you a follow on bond fixed until *date here* with the rate of *rate here*. If you want this follow on bond you don't need to do anything, it happens automatically, you have a 30 day window FROM the date of maturity to add or withdraw funds without penalty.


Sooo on the 10th of Feb my current bond matures. They will write to me on the 3rd with a new rate (hopefully). If I do nothing, On the 10th the bond becomes the new one. WITH THE NEW RATE. But I then have 30 days to take the money out if I'm not keen on what's offered, or add in some more if its a good rate.

You will not get the current rate past the maturity date. If you don't like what they offer you, write in with your book and make plans for a withdrawal on maturity.


Naturally I'd be pleased if someone proves me wrong

meatandtwoveg

Mithos wrote: »

Did you keep the terms and conditions leaflet? Just pulled mine out and had a read (fair enough its not actually for THIS bond, but would assume they are the same).

It states in a nut shell the fixed rate matures on a specific date, i.e 10th of February 2009. We will write out 7 days before notifying you of either a follow on bond, or to remind you the account is becoming a branch instant access account.

Pulled out one of those letters from a past bond and it runs along with; Your account is maturing on *date here*, we are pleased to offer you a follow on bond fixed until *date here* with the rate of *rate here*. If you want this follow on bond you don't need to do anything, it happens automatically, you have a 30 day window FROM the date of maturity to add or withdraw funds without penalty.


Sooo on the 10th of Feb my current bond matures. They will write to me on the 3rd with a new rate (hopefully). If I do nothing, On the 10th the bond becomes the new one. WITH THE NEW RATE. But I then have 30 days to take the money out if I'm not keen on what's offered, or add in some more if its a good rate.

You will not get the current rate past the maturity date. If you don't like what they offer you, write in with your book and make plans for a withdrawal on maturity.


Naturally I'd be pleased if someone proves me wrong

Thanks, just hope the follow on bond is around 6.9%?:beer:

ffacoffipawb

meatandtwoveg wrote: »

Thanks, just hope the follow on bond is around 6.9%?:beer:

meatandtwoveg

Just wondering how many on here have a bond @6.9% maturing in or around the 24th March. Just wondering what they may offer to keep your funds?

For me, do not want a lock up longer than 6 months and would not settle for less than 3.5%.


Any comments?

Mikeyorks

Why would you expect a bespoke offer for your maturity funds? They will offer you what is on general offer at the time.

Except in the case of term deposits / fixed rate ISAs etc ... some Institutions will guarantee one / more of their existing products at the time they ask for maturity instructions. Even if that product has then been withdrawn at the maturity date.

But they're not going to make you a personal offer.

meatandtwoveg

Mikeyorks wrote: »

Why would you expect a bespoke offer for your maturity funds? They will offer you what is on general offer at the time.

Except in the case of term deposits / fixed rate ISAs etc ... some Institutions will guarantee one / more of their existing products at the time they ask for maturity instructions. Even if that product has then been withdrawn at the maturity date.

But they're not going to make you a personal offer.

Much dependent on the amount invested, and whether they need to keep you investment? Who know's we will have to wait and see.


Not me, but say you had a six figure sum invested, and they were charging a mortgage holder say 6% fixed, surely it would be in there interest to keep you on side? I am thinking of pensioners with a high value amount of liquid funds. I am not saying i am correct, but just making an observation.

claire07

Well I've got a Chelsea bond maturing 24th March and another 8th April. For the 8th April one they've offered me the PostSaver Advantage at 0.40 net(!)and nothing for the 24th March one. When I rang them up to ask they said they were still deciding follow on bond rates so I'm not holding out much hope for anything reasonable.

meatandtwoveg

claire07 wrote: »

Well I've got a Chelsea bond maturing 24th March and another 8th April. For the 8th April one they've offered me the PostSaver Advantage at 0.40 net(!)and nothing for the 24th March one. When I rang them up to ask they said they were still deciding follow on bond rates so I'm not holding out much hope for anything reasonable.

Get ready to move on out me thinks?

meatandtwoveg

Just had my letter today, offering me 3.00% AER, not bad i suppose, but do not want to tie it up for another year.

They state you can withdraw in a branch by cash or cheque.

This is not totally true, you can withdraw by CHAPS at a cost of £35.00, this can be done by post as long as you send in a cover letter and your pass book.


Has anyone got any experiences withdrawing funds from the Chelsea by CHAPS? My account matures on the 24th March, It is a variable rate from midnight between the 24th March and the 25th March, so when you advise on sending in your pass book along with a letter.


I want to make the CHAPS transfer on the 25th March, its a Wednesday, would anyone advise on sending passbooks etc by next day special delivery, .i.e how long does it take the Chelsea to process this type of transaction from reciept of letter to day of CHAPS?



Cheers.