New Online Savings Account From Chelsea Building Society

Chelsea Building Society has launched an online savings account – the e-Saver Reward account.

This new savings account is available to UK residents aged 16 or over and  pays 2.57% monthly interest (2.60% AER). It can be opened with as little as £1, up to a maximum of £1,000,000.

Sarah Lawrence, Senior Product Manager for Savings said: “This is the Chelsea’s first online savings account which has been made possible using technology now available to the Society following the merger with the Yorkshire. The Chelsea e-Saver Reward account will be a real plus for anyone looking for a competitive rate who wants to combine monthly interest with easy to use internet savings.”

In months where no withdrawals are made, interest will be paid at the beginning of the following month.

If a withdrawal is made interest will be lost in the month of withdrawal only. That said if the withdrawal is made in April there will be no loss of interest, as Chelsea Building Society have designated this as a ‘grace’ month.

The new e-Saver Reward savings account can be opened online on the Chelsea website with an intial deposit made by debit card, transfer from another bank or building society account or transfer from another Chelsea account.

Chelsea Building Society is now part of Yorkshire Building Society.