A broken washing machine, a seized car engine, emergency surgery on a beloved pet - "rainy day" expenses cost Britons an average of £1,830 every year, according to a industry research.
TV weather forecaster Michael Fish launched Chelsea Building Society's new Rainy Day savings account this week. The new account, designed to encourage customers to save for unexpected expenses, is available from April 30th.
Customers can make up to four withdrawals a year, up to a total maximum of £2,000. The account offers 5.25 per cent annual interest on a minimum balance of £500.
According to Kerri Morgan, marketing manager for Chelsea, it makes good financial sense to have some money put aside that one can call on for when the unexpected happens.
"It's great news that there is now an account specifically designed to provide a home for those emergency funds," she said.
Chelsea launches umbrella savings account
Chelsea launches umbrella savings account
Fri, 29 Apr 2005
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