Chelsea Building Society has announced the launch of a new range of fixed rate savings accounts.
The savings accounts, fixed for a year and two years respectively, will be available from this weekend.
A minimum investment of £1,000 is required to open the savings accounts and up to £500,000 can be saved in an account.
For the one-year savings account the annual equivalent rate (AER) is 4.7 per cent, with the AER of the two-year fixed rate account at 4.75 per cent.
Both savings accounts offer the option of adding savings interest annually or every month. Those savings account holders who would like to receive monthly interest will have a slightly lower savings interest rate.
"For a medium term tie-in, these accounts offer a great rate of interest and allow customers to choose either a one or two year fixed rate option," according to the investment marketing manager at Chelsea, Kerri Morgan.
Penalty-free withdrawals are permitted after the end of the fixed rate period. Should savings account holders wish to withdraw money from their savings accounts before this date, they will be penalised with the equivalent of 90 days' loss of interest on the amount they withdrew.
More information and application forms for the savings account are available from Chelsea branches, the society's website or via its savings helpline.
Chelsea launches savings accounts
Chelsea launches savings accounts
Fri, 06 Jan 2006
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