Chelsea account provides 'saving incentives'

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Chelsea account provides 'saving incentives'

Thu 26th Apr 2007

With Gnarls Barkley's song of the same name having been released exactly a year ago, Chelsea Building Society thinks consumers would be "crazy" to miss out on their new savings account offering.

Launching this Saturday, April 28th, the Chelsea bonus savings package offers customers a financial incentive if they refrain from making more than three withdrawals up to a total of £2,000 in a stated period.

The tiered annual bonus resulting from the package is one per cent in the first year, 0.50 per cent in year two and 0.25 per cent in year three.

People receiving annual interest on their Chelsea savings account, which requires an initial outlay of £250, will enjoy an interest rate of 5.60 per cent, while those receiving monthly interest payments will get a rate of 5.46 per cent.

Commenting on the Chelsea account, Jenny Hudd, savings marketing manager at the group, said it had been specially created "for people who want to save, but may need to withdraw funds occasionally".

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