Chelsea Building Society has announced the launch of a new ClicknSave Fixed Rate Option, which can offer an interest rate of 6.65% gross pa.

The company has announced that it will pay the first annual interest on November 1, 2008 and annually thereafter. The new account also has a monthly interest option. The current ClicknSave Fixed Rate Option will be withdrawn at close of business on November 9, 2007.

The new account can be opened with a minimum balance of GBP1. The maximum limit for the investment if GBP50,000. Withdrawals made before the end of the fixed rate period will be subject to a penalty equivalent to 90 days’ loss of interest on the amount withdrawn1. After the fixed rate period, immediate penalty free withdrawals are permitted.