A few years ago now I opened a CLASSIC account with the Chelsea BS since, at the time, it had one of the best rates going. Everything was great for a while but of course, time passed slowly and, like most people, I lost track of the interest rates paid on this account as they went up and down.
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Advantages: Efficient Disadvantages: Lack of support for older accounts
...a CLASSIC account with the Chelsea BS since, at the time, it had one of the best rates going. Everything was great for a while but of course, time passed slowly and, like most people, I lost track of the interest rates paid on this account as they went up and down.
Imagine my surprise when I checked a few weeks ago and found that the latest (almost) equivalent account from the Chelsea (CALL DIRECT) pays almost three (yes 3!) times ... ...served by staying with the Chelsea so I closed the old account and transferred the funds into the new CALL DIRECT account. This was accomplished with a single phone call, two forms and a distinct lack of fuss so full marks to the Chelsea on that point.
In the long run though, I am left with the feeling that my custom is not exactly valued by the Chelsea BS and, barring unforeseen circumstances like a vast improvement in the banking ... more
A few years ago now I opened a CLASSIC account with the Chelsea BS since, at the time, it had one of the best rates going. Everything was great for a while but of course, time passed slowly and, like most people, I lost track of the interest rates paid on this account as they went up and down.
Imagine my surprise when I checked a few weeks ago and found that the latest (almost) equivalent account from the Chelsea (CALL DIRECT) pays almost three (yes 3!) times the interest rate of the original account I had opened all those years ago.
Now, I realise that it is not in their best interest (no pun intended) to keep the customer informed when a new account starts up that might be a better option but, then again, surely disgruntled customers must be leaving once they realise that this is how they will be treated. This leads to one of the biggest problems for banks/building societies which is constantly chasing new customers to replace those who move on.
To be fair, I assessed the options and decided that for the moment I would be best served by staying with the Chelsea so I closed the old account and transferred the funds into the new CALL DIRECT account. This was accomplished with a single phone call, two forms and a distinct lack of fuss so full marks to the Chelsea on that point.
In the long run though, I am left with the feeling that my custom is not exactly valued by the Chelsea BS and, barring unforeseen circumstances like a vast improvement in the banking industry, I would expect to be moving my account within the next year or two. You can't beat the banks but it wouldnt hurt to keep your eyes open by checking both your current bank and their rivals on a regular basis
All that and there is no online or internet banking option...
Overall, I recommend them since they are good at what they do but there are probably better options out there
Advantages: Mutual - Therefore could pay windfalls to members Disadvantages: Introduced a signaway for new members
The Chelsea Building Society faced a vote earlier in the year by members wishing to vote on the prospect of demutualisation of the society.
There was a distinction made in that the board believed that the memebrs where not asking for a demutualisation of the society but instead asking the board to consider demutualisation.
This is true except that by asking the board to consider demutualisation I believe that the members were asking for a serious ... ...the board are arrogant if they cannot listen to the voice of their membership in requesting such a vote to take place. What does everyone else think.
By the way the society's website is www.thechelsea.co.uk
They are offering a good product at the moment paying 6.8% but you must operate it through the telephone I think. ...
richardclarke 29.07.2000
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Ciao members have rated this review on average: helpful Review of Chelsea Building Society
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Quick review of Chelsea Building Society
The Chelsea Building Society is fine if you are able to use a branch service and if you are prepared to keep an eye on changes to savings rates etc. Personally have not needed to use postal or telephone services so cannot comment on these. Absence of an internet banking/svings service is a pain but the website information service is useful. Current savings offerings are competitive, for example fixed rate bonds, and I have always found it easy to switch accounts to a better offering ...
talonneur 04.11.2008
Ciao members have rated this review on average: helpful Review of Chelsea Building Society
Advantages: Old fashioned slow speed of life Disadvantages: Hasn't woken up to the 21st century
...check (with loss of interest) and they don't acknowldge. If you want to be reminded of a gentler and less hurried age the Chelsea is just right. If you want service go elsewhere. Products are unremarkable, and while their ISA isn't bad there's nothing else i can see that sparkles. ...
Aquila 17.03.2001
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Ciao members have rated this review on average: somewhat helpful Review of Chelsea Building Society
so, here we are, the chelsea building society is alive and kicking -but who knows about it? A well run society, but few people in the uk use it because they may have heard of it but don'tv have "sight" of it as there is no branch near them. This is a pity because chelsea has a great postal and telephone service that menas you can use them whereever you live!
Take a minute or two to look at some "best rate" tables - you will see that chelsea offers ...
trojan9 28.07.2000
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Ciao members have rated this review on average: somewhat helpful Review of Chelsea Building Society
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Advantages: MOST ATTRACTIVE SAVING RATES Disadvantages: NO INTERNET ACCOUNTS
MY VIEWS
ChelseaBuildingSociety in my opinon is the very best place for your money with some of the most attractive rates around . I became a member back in 1996 after a friend recommended this buildingsociety, since then I have never looked back.
Personally I have always been happy with both the high saving rates and friendly manner, whether in branch or by telephone.
The ChelseaBuildingSociety which is based in Cheltenham,Gloucestershire was established in 1875 and is the 6th largest building sociey in the UK with over £10 billion in assets.
CHELSEA CALL-DIRECT 20 ACCOUNT
At present I am changing to another Chelsea Account, the CALL-DIRECT 20 paying 5.25%gross, 4.20%net including a 0.5% bonus rate until 2008 also this account is Only 20 days notice which helps if you need your money in a hurry. The only requirement ...
Advantages: Good Interest Rate, Instant Access Disadvantages: If rates fall you'll have to wait until next year to open another ISA somewhere else
I first became aware of ChelseaBuildingSociety through the Moneyextra site when I was searching for a mini cash ISA. The site allows you to search for mini cash ISAs which have instant access and pay the best interest rates. It also allows you to exclude, for example, ISAs which are restricted to local investors only or to existing investors of the Bank or BuildingSociety.
The Chelsea seemed to offer one of the best interest rates around (it's since gone down to 6.15% Gross AER at the time of writing but that's still one of the best for an open to everyone no notice ISA) and although the Moneyextra site said it wasn't available by post, I decided to check out the society's website anyway. It's at http://www.chelseabs.co.uk
When I looked at the website it seemed that you could apply by post. The site gives you the facility to ...
Advantages: Good service, great cashback Disadvantages: NOt always the lowest rate
I have recently remortgaged with the Chelseabuildingsociety. They are giving me a 6% cashback on the mortage and the standard rate is pretty similar to other lendors - some lendors are slightly cheaper, some more expensive.
They offer free survey and legal fees, so it is costing me nothing to remortage. The cashback will be used to clear all my credit cards and probably pay for a holdiay too, so it is very useful.
The whole thing has been done by post and telephone. I didn't have to pay any fees to mortage brokers, who often want up to 1% of the loan and try and sell you insurance etc...
On the negative side I would state the following key issues :-
1. If you change lendor within 6 years you have to pay back the 6% cashback!! For me that isn't a particular issue as I don't want to have to remortgage too often.
2 ...
