Chelsea launches fixed-rate Isa paying more than six times base rate

Tuesday, 11 October 2011 02:29

Chelsea Building Society is to launch a fixed-rate Isa offering a return of 3.30 per cent APR.

From today (October 11th), savers with an opening balance of just £100 can go online, use the phone or walk into a branch to take advantage of the new rate, which is fixed until December 2012.

A monthly interest option of 3.25 per cent (3.30 per cent AER) is also available for customers who rely on their savings for income.

Commenting on the launch, product manager Lynne Pepper said: "With the Bank of England base rate remaining at 0.5 per cent for 31 consecutive months, savers are feeling the effects of the current financial crisis and are understandably frustrated.

"We hope the launch of this competitive new product will act as a boost to savers, encouraging them to invest," she continued.

Use the comparison tables to find a better deal on an Isa

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