Keep control of your savings with our e-Saver Reward account

Earn 2.60% AER† variable*

*interest rate assumes no withdrawals except in April

Our e-Saver Reward account pays interest for every month that you don't withdraw money, and every April you can make withdrawals and still earn interest. With e-Saver Reward you have the freedom to access your money online whenever it suits you, from viewing transactions to transferring money to other accounts. This account could be ideal if you don't dip into your savings too often but want the comfort of easy access if you need it.

Please read and print the key features and the full terms and conditions before applying for an e-Saver Reward.

Why choose e-Saver reward?

Great rate of 2.57% monthly gross, 2.60% AER^† variable*
During April make unlimited withdrawals, or close your account, and still earn interest
Interest paid monthly into the account or to external account
Online application process to help make opening your e-Saver
Reward easy
24-hour access to manage and view your account online
Open an account with as little as £1
Withdrawals or account closure in months other than April will result in loss of interest
Apply now for your e-Saver Reward.

Apply now for an e-Saver Reward

Summary Box

Key Product Information for our Savings Account

Account name: e-Saver Reward
Interest rates (AERs): Variable rate paid monthly. 2.57% monthly gross, 2.60% AER^† Examples of interest paid
Tax Status: Gross or net
Conditions for bonus payment: N/A
Withdrawal arrangements: Unlimited withdrawals, minimum £1 per withdrawal.
No notice is required but if you make withdrawals in any month other than April of each year your account will not earn any interest on the total account balance for that month. In April each year you can make unlimited withdrawals from or close the account without affecting your right to any interest earned in that month. Subject to daily withdrawal limits.
Access: Online

Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.

Before Applying

Apply now for an e-Saver Reward

Please read and print the key features and the full terms and conditions before applying for an e-Saver Reward.

Our e-Saver Reward not right for you? Take a look at our range of savings products

Key Features

This section and Terms contain the full terms for the e-Saver Reward. It is important that you read these before applying. We also recommend that you read our Complaints Process and important legal information.

Please use this link for a printable version of this information

Eligibility

To open an e-Saver Reward, you must be aged 16 or over and must be a UK resident. An account can be held in your sole name, or jointly with one other eligible individual.

Minimum and maximum balance

You must maintain a minimum balance of £1 in your account at all times. The maximum balance is £1,000,000.

Interest

The rate of interest for the e-Saver Reward account is variable and payable monthly.
No interest is payable in respect of any month in which you make a withdrawal from or close your e-Saver Reward account. However, in April each year you may make withdrawals from or close the account without affecting your right to any interest earned in that month.
Interest due for any month is payable on the first working day of the following month. It can be credited to your account or paid into another Chelsea account or an external account held with another savings or bank account provider.
Interest transferred to an external savings or bank account, or Chelsea accounts that are not online accounts will be paid via the Bankers Automated Clearing System (BACS). Payments will be issued on the 1st working day of the month and will be credited to the external account on the 3rd working day of the month.

Deposits and Withdrawals

The minimum initial deposit is £1.
The minimum amount you can withdraw is £1.
The maximum amount you can deposit is £1,000,000.
Withdrawals or closure made in any month other than April will result in no interest being paid in that month.

Withdrawals are only allowed by logging onto our website to transfer to your nominated savings or bank account which can include a nominated account you hold with us.

For security reasons, online withdrawals are not available for the first 7 days after your account has been opened. After 7 days withdrawals can be made from your account at any time on condition that there are sufficient cleared funds in your account and that you maintain the minimum balance of £1.
Your initial deposit can be made by debit card, external transfer from another savings or bank account provider, or transfer from another account held with Chelsea. Deposits may only be made by cheque if your identity cannot be verified electronically during the application process. Any subsequent cheques received will be returned to you. We do not accept Postal Orders.
Additional deposits (minimum amount £1) can be made by debit card, transfer from another external savings or bank account, e.g. by standing order, or from another account held with Chelsea.
Deposits by transfer from another Chelsea online account will start to earn interest on the day they are credited to your account. Transfers from an existing Chelsea branch or postal account to an online account will earn interest including the date of transfer on the previous account, and will start to earn interest on the online account from the following working day.
Transfers to another Chelsea online account will normally be credited the following working day. Transfers to savings or bank accounts held with other providers or Chelsea accounts that are not online accounts will take 3 working days after the transfer date, if processed before 8pm (transfers after 8pm will take an extra working day to reach the account).

Transferring to other accounts

You may nominate twelve external accounts for withdrawals to be transferred to. You will also be able to choose up to three other Chelsea Online accounts to receive transfers from your e-Saver Reward account.

Keeping track of your account

You will be able to check your balance and interest rate and view statements showing transactions on your account whenever you wish. As we will advise you of changes to e-Saver Reward interest rate and terms, and generally communicate with you, via email, it is very important that you notify us if your email address changes.

Changing your details

You can change your contact details (postal address, email and telephone) when you are logged in. To change your name you will need to write, enclosing proof of the change, to Chelsea Building Society, Internet Savings Department, Thirlestaine Hall, Thirlestaine Road, Cheltenham, Gloucestershire, GL53 7AL.

If you change your mind

If you open an e-Saver Reward account and subsequently change your mind within 14 days, we will either transfer your savings to another account with us or repay them to you with interest earned up to but not including, the day of closure. Contact us for more details.

Not happy with our service?

If at any time you're not satisfied with the service you've received, please let us know. We have a simple process enabling you to do this, the details of which are in our leaflet "We're here to help you - our complaints process", which can be downloaded from this site, obtained at any of our branches or requested by calling us on 0845 850 4041.
If we cannot come to a resolution to your satisfaction, you may have the right to refer the matter to the Financial Ombudsman Service, of which we are a member.

The Chelsea

If you open an account it will be with Yorkshire Building Society (trading as Chelsea Building Society). Chelsea Building Society is operated under its own brand with its own products and as a trading name of Yorkshire Building Society.
Chelsea Building Society will communicate with you in English.

Financial Services Compensation Scheme

Yorkshire Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Find out more.

Examples of interest paid

Below are some examples of the AER^† that would apply depending on the number of withdrawals over the course of a year. Each is based on withdrawals of £100.

Example	No. of months in which withdrawals are made	Withdrawal made in April?	Monthly interest rate (where applicable)	AER % (variable)
1	None	No	2.57%	2.60%
2	One	Yes	2.57%	2.60%
3	Six	Yes	2.57%	1.49%
4	Twelve	Yes	2.57%	0.19%

Each of the examples assumes the account is opened with a deposit of £15,000 in May.

In example 1 no withdrawals are made throughout the year.
Example 2 assumes no withdrawals are made through the year apart from April when 1 withdrawal of £100 is made.
Example 3 assumes withdrawals of £100 are made in alternate months starting with the month after account opening. Interest is still paid in April.
Example 4 assumes withdrawals of £100 are made in each month of the year starting with the month of account opening. Interest is still paid in April.

^†AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each month of the year. This will enable you to compare more easily the return you can expect from your savings over time.

*Interest rate assumes no withdrawals except in April

^†AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year.
This will enable you to compare more easily the return you can expect from your savings over time.

Gross means interest before the deduction of income tax, currently 20%.

Chelsea Building Society is a trading name of Yorkshire Building Society.
Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.

Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority.
It is entered in the FSA register and its FSA registration number is 106085.

This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security. Head Office: Yorkshire Building Society, Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ. Tel: 0845 1 200 100.

Charges to 0845 numbers may vary. Prices can be checked with your phone provider. Mobile calls usually cost more.