The Chelsea Building Society has launched the fourth and fifth tranches of its Portfolio Extra Fixed...
The Chelsea Building Society has launched the fourth and fifth tranches of its Portfolio Extra Fixed Rate Bond.
Both offerings are the result of a tie-up between Chelsea and Norwich Union.
The fourth issue will place up to 30% of the sum invested in a Chelsea fixed rate account, with the remainder invested in Norwich Union's (NU) Portfolio bond.
The minimum investment on both products is £10,000, while the minimum invested in the account must be no less than £3,000.
NU's Portfolio bond is a lump sum investment bond with no fixed term, which invests in one or more of NU Life's investment-linked funds. Investors will have the ability to choose which of these funds they invest in.
The interest rate available on the Chelsea building society account will be 6% gross (4.8% net a year).
A monthly income option is also available which offers interest of 4.67% net per year. Both rates are fixed until 2 January 2003.
The fifth issue allows up to 50% of the sum invested to be placed in a Chelsea fixed rate account, with the remainder invested in the Portfolio bond.
The fixed rate element of the account requires a minimum opening balance of £5,000. The interest rate available on account deposits will be 5.5% gross (4.4% net a year), while the monthly income rate will be equivalent to 4.3% net per annum.
Again both rates will be fixed until 2 January 2003, thereafter the rate available to those holding the bonds will be variable.
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