View more on these topics

Chelsea Building Society launches its first individual savings account

Chelsea Building Society has brought in its first individual savings account (Isa), the Chelsea Mini Cash Isa.

Previously, the Chelsea has avoided the new Isa market because of its self-imposed minimum investment limit of £2,500. This was brought in to fend off carpetbaggers at a time when they were targeting the building society as a prime candidate to surrender its mutual status to obtain windfall payments. As the maximum investment limit for an Isa is £3,000 it was felt that this did not make it worthwhile for investors.

However in March 2000, the Chelsea introduced the charitable foundation scheme which deterred carpetbagging by assigning any windfall conversion benefits to the foundation for five years. This is similar to schemes that were brought in by other building societies.

The mini cash Isa meets the Government&#39s CAT standards. However, as a first venture into the Isa market, the Chelsea has come up with a standard mini cash Isa which resembles all the others.


Berkeley Alexander Safety First – 27th July 2000

Type: Accident, sickness and unemployment cover.Maximum benefit: Up to 65 per cent of income subject to a maximum of £1,500 a month.Benefit payment term: 12 months.Deferred period: Choice of 30 or 60 days.Premium: Unemployment-only or disability-only cover: 30 day deferred – £2.95 per £100 monthly benefit, 60 day deferred – £2.70 per £100 monthly benefit. […]

Maturity shows offshore

So which came first – the chicken or the egg?Certainly, in the realm of the fund supermarket, recent developments suggest the early pace was set by Egg, quickly followed by Fidelity&#39s Funds Network.Not to be outdone when a bandwagon rolls into view, Virgin launched its no-load, no-advice fund supermarket and finally the companies backing Consolidated […]

Scottish Widows brings in range of pre-stakeholder pensions

Scottish Widows is the latest company to bring in a range of pre-stakeholder pensions.Group Pension SolutionsThe new group personal pension, group money purchase and group additional voluntary contribution schemes fit the stakeholder criteria, except they will have an annual management charge of between 0.65 per cent and 1.5 per cent.They also allow access to the […]

Divorcees a &#39boom area&#39 for advisers

Pension sharing on divorce could lead to an advice boom for IFAs, according to Scottish Equitable.In the latest of the life office&#39s Ritchie Papers, pensions development director Stewart Ritchie highlights the complexity involved in pension sharing.He says professional advice will be essential both for divorcing partners and pension scheme trustees.The details of pension sharing were […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm