Chelsea ClicknSave Fixed-Rate Option available

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Chelsea ClicknSave Fixed-Rate Option available

The Chelsea ClicknSave Fixed-Rate Option has been offered to customers and application for the account is only available online.

A gross annual interest rate of 4.9 per cent will be fixed on the account until September 14th 2007 and after this point the rate set on the deal will become variable.

The net annual equivalent rate on the scheme is 3.92 per cent.

Any withdrawals made during the opening fixed period will incur a penalty equivalent to 90 days loss of interest on the amount taken out.

Penalty-free withdrawals will be allowed after September 14th 2007, but any money taken out is subject to prior written notice.

A minimum investment of £500 is required to open the Chelsea ClicknSave Option and a maximum savings level of £500,000 is permitted, providing the saver's total balance with the company does not exceed £1 million.

Annual interest will be paid on May 1st 2007 and each year thereafter, or customers can choose to receive monthly interest at 4.79 per cent gross, 3.83 per cent net, per year.

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