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Saving for a rainy day
Chelsea Building Society has announced the launch of its Rainy Day Savings (3rd Issue) account - the account paying a variable rate of 6.10% gross pa/AER, 4.88% net. Corresponding monthly rates are 5.94% and 4.75%.
The rate is guaranteed to at least match Bank of England Base Rate for the first 12 months of saving from the date of account opening.
Fee free withdrawals are allowed up to a combined total of £1,000 in the first year of saving (minimum withdrawal £200). However, withdrawals and/or closures totalling over £1,000 in the first 12 months of saving are subject to a £10 administration fee. Fee free withdrawals will be allowed after the first year however.
Withdrawals are subject to daily limits - you can normally withdraw up to £500 in cash or £5,000 by cheque on demand. Larger sums by cheque may be withdrawn in a few days.
Annual interest is first paid on May 1st 2009 and annually thereafter.
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