Chelsea Building Society helps savers prepare for a Rainy Day

03 May 2005
Chelsea Building Society has launched a new savings account to help British savers negotiate those April showers.

The new Rainy Day Savings account, unveiled at the weekend, is designed to encourage people to save for unexpected expenses.

Account holders can make up to four withdrawals of at least £500 in the first year - amounting to a total of £2000 - without incurring charges.

The account is also aimed at first-time and inexperienced savers, offering a low minimum opening and interest earning balance of £500 and paying annual interest at 5.25 per cent - including a one per cent bonus for the first year.

"Industry research shows the most popular reason for saving is for a rainy day, which is just as well as when you dig a little deeper you find that many savers incur unforeseen expenditure over a typical year, mainly to pay for repairs around the home or to their car," said Kerri Morgan, investment marketing manager for Chelsea Building Society.

"It makes good financial sense to have some money put aside that you can call on for when the unexpected happens. It's great news that there is now an account specifically designed to provide a home for those emergency funds."

Click here to make sure you're covered for a rainy day with a savings account.

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