Savings & Investments

Chelsea Regular Savings

An account for people who want to put money away regularly each month, yet still have instant access to their savings. It's operated through our branches and has a variable interest rate. You can apply either at a branch or by post.

up to

2.50%

gross pa/AER

variable

on £25,000 & above

How to apply 
Print page 

Key Features

  • Maximum opening balance £2,000
  • You must make a payment into your account every month of between £10 and £2,000 *
  • Make payments via standing order and change the monthly amount (within the limits) whenever you want
  • Save from £10 up to £500,000** per saver (a maximum of 2 savers are permitted)
  • Interest will be earned from £10 and is paid annually on 1 October
  • Passbook operated.

Gross rate is the interest rate payable before any income tax is deducted. It can only be paid subject to the required registration.

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.

* If this payment is not maintained, the account will be switched to a Branch Instant account, which is a variable instant access account and pays a lower rate of interest

** Provided that your total savings in this and all other Chelsea accounts does not exceed £2 million.

 

Terms

The product terms should be read with the Standard Terms and Conditions (Standard Terms). Together the Product Terms and Standard Terms explain how your account works.

It is important that you read all the terms applicable before you decide whether to open this account.

1. General
  1. The terms and conditions which apply to Chelsea Regular Savings are these product terms and our savings account standard terms and conditions ('standard terms'). If there is any conflict between the product terms and the standard terms then the product terms apply.
  2. This account is one regulated by the Financial Services Authority's Banking Conduct of Business Sourcebook.
  3. If we make any change to these product terms or our standard terms we will notify you in accordance with Condition 6.7 of our standard terms.
  4. Only one Chelsea Regular Savings account per saver.
2. Your regular savings obligation
  1. The minimum opening and interest earning balance is £10. The maximum opening sum that you may save is £2,000. The maximum balance of the account is £500,000 per saver (a maximum of two savers are allowed). However, your total savings with us (in this and any other accounts you have with us) must not exceed £2,000,000 in which case £2,000,000 will be the maximum limit of the aggregate of savings.
  2. You must make a payment(s) of at least £10 but no more than £2,000 in every calendar month. We will count your opening deposit as the first of the monthly payments you are required to make, regardless of what day of the month you opened the account.
3. Our rights if you breach your regular savings obligation
  1. If it comes to our notice that you have breached your regular savings obligation then we reserve the right to take the following action:
    1. If the breach is due to the maximum deposit limit being exceeded, to return the funds which exceed the maximum deposit limit
    2. If you do not make a payment into the account every calendar month then we shall be entitled to:
      • Redesignate your account title as a 'Branch Instant Account' and
      • From the date of breach reduce the interest payable on your account from that which applies to Chelsea Regular Savings and apply the rate which applies to our currently available issue of the Instant Savings account (except that the minimum interest earning balance will stay the same). The substituted interest rate applied under this condition will apply from the date of breach until closure of the account.
4. Interest
  1. Interest is paid annually on 1 October.
  2. The interest rate is variable and we can change the rate of interest paid on your account as follows:
    1. if any of the circumstances permitting us to vary the interest rate as set out in Condition 3.5 of our standard terms occur
    2. if you breach your regular savings obligation and we exercise our rights under 3.1b
    3. if we exercise our rights under Condition 6
    4. if the interest rate changes as a result of the operation of 4.2a we will tell you, as in accordance with our standard terms
    5. if the interest rate changes as a result of the operation of 4.2b we will tell you personally within 30 days.
  3. We reserve the right to withdraw the tiered interest rate structure and revert back to a single interest rate structure or introduce a new tiered interest rate structure. We will exercise our right under this condition in accordance with the provision set out in our standard terms.
  4. Interest can be either:
    1. Added to your account or
    2. Transferred to another Chelsea account or
    3. Transferred to your nominated bank or building society account.
5. Withdrawals and transfers
  1. Withdrawals/transfers can be made without any prior notice, except that any withdrawal you make must not exceed the daily cash or cheque limit we, from time to time, prescribe.
  2. Withdrawals/transfers may not be made (either wholly or in part) against the proceeds of any cheque, draft or order credited to the account within the preceding six working days.
6. Our right to release you from your regular savings obligation
  1. We reserve the right to release you from your regular savings obligation and withdrawal restrictions. If we exercise our right we will notify you and, from the date we first give you notice, you will be able to operate your account without any obligation to make further deposits.

Standard Terms

Read and print the Standard Terms and conditions for this account.

 

Summary box

Summary Box
Key Product Information for our Savings Account
Account Name Chelsea Regular Savings
Interest rates (AERs) Variable tiered rate paid annually.
See interest rate
Tax Status Gross or net
Conditions for bonus payment N/A
Withdrawal arrangements Instant withdrawals without loss of interest
Access Branch or post

Net: Interest on investments and savings amounts is payable net of income tax, which means after the deduction of income tax at the lower rate of 20%, or subject to the required registration gross.

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.

 

Interest rate

£100 per month saved on the 2nd of each month at 1.50% gross p.a./AER would lead to gross interest of £9.79 at the end of the 12 month period.

Interest rates are variable. All rates shown are per annum.

 

How to apply

You can apply for an account by visiting a Chelsea branch or by completing an application form.

Making an application

1. Complete an application form

Complete, print and sign the application form below. If you are an existing Chelsea saver and want to transfer from an existing Chelsea account, you should also complete, print and sign the transfer form.

NB. You will need the free Adobe® Reader® software and weblink plugin to view these documents. If you do not have these, get Adobe Reader now (link opens a new window).

2. Send your application, or take it to a branch

Either send your application to us, or take it to your local branch.

By post At a branch
Include the following items:
  • Completed form(s)
  • Cheque (minimum £10)*
  • Identification (if required)

Send to:
Chelsea Building Society
Savings Department
Freepost SW3414/4
Thirlestaine Hall
Thirlestaine Road
Cheltenham
GL53 7BF		 Bring the following items with you:
  • Completed form(s)
  • Cheque (minimum £10)*
  • Identification (if required)

Find your nearest branch

* Please ensure that cheques are written clearly and made payable to Chelsea Building Society followed by your name. If you are transferring from an existing Chelsea account, you won't need a cheque but you will need to provide your passbook (if applicable).

3. Keep your passbook safe

When your account is opened, you will be given a passbook as a record of your savings. Please keep this safe and present it whenever you make a transaction on your account.

About us|Careers|Privacy|Security|Legal|Site map

Chelsea Building Society and the Chelsea are trading names 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 our 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.

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

Chelsea Building Society and the Chelsea are trading names 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 our 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.

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

Get in touch with us:

  • Call us:
    http://www.thechelsea.co.uk/contact/index.html
  • Find a branch:
    http://www.thechelsea.co.uk/contact/branch_finder.html
  • Manage your accounts online:
    http://www.thechelsea.co.uk/security/online_help.html