A new savings account launched by Chelsea Building Society aims to get younger Britons to start saving money for the future.
The new savings account is called the Chelsea Triple Guarantee and offers a start-off savings interest rate of 5.40 per cent gross pa AER and guarantees a three-step graded savings interest rate.
The savings interest rate is guaranteed to stay at least 0.50 per cent above the Bank of England base rate until January 10th 2006.
After that the savings interest rate would be dropped to at least 0.25 per cent above the base rate until January 10th 2007. Until July 12th the same year, the savings interest rate would be at least the same as the base rate.
Chelsea recently surveyed young people to find out what sort of promises they tend to break.
Intended to be light hearted, according to the Society's investment marketing manager Kerri Morgan, the survey's findings turned out to be "a cause for concern".
The top broken promise was spring-cleaning, followed by not buying chocolate and getting up early in the morning to do exercise.
According to the survey, a quarter of young Britons fail to pay bills on time and sort out their financial affairs properly, in particular those aged between 16 and 24.
Chelsea savings account helps young Brits save
Financial Services > Savings > Savings and Investments News
Chelsea savings account helps young Brits save
Mon, 04 Jul 2005
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