Instant Option (4th Issue) terms and conditions

The terms and conditions which apply to this account are both these terms and conditions set out below and those which are set out in Chelsea's standard investment account terms and conditions. In the event of any conflict between these terms and conditions and those which appear in Chelsea's standard investment account terms and conditions then these terms and conditions will apply.

1. Funds deposited in Instant Option (4th Issue) are shares of Chelsea and holders agree to be bound by the rules of Chelsea (a copy of which is available on request) and by the terms and conditions detailed below.
2. Single and joint Instant Option (4th Issue) accounts may be opened with Chelsea.
3. Deposits may be made in Instant Option (4th Issue) subject to maximum savings limits which are prescribed by Chelsea from time to time. Deposits in Instant Option (4th Issue) may be for any amount from £2,500 up to a maximum of £250,000 provided that your total savings in Chelsea, adding the balances of all your accounts for which you are the sole or joint saver or one of the co account holders, does not exceed £2,000,000.
4. Chelsea reserves the right to decline requests to transfer funds from one account to another.
5. For security or training purposes Chelsea may record telephone calls with customers.

1. The interest payment date will be on 1 March each year. Interest rates are variable and changes are notified to savers in accordance with these terms and conditions and the standard investment account terms and conditions.
2. It is an express term of the account that the balance remains at or above £2,500 at all times. In the event the balance falls below such amount, Chelsea reserves the right to close your account and return the remaining balance, plus any accrued interest, in the form of a cheque payable to the account holder. Where the balance falls below £2,500, interest will not be earned during the period from the date the balance falls below £2,500 until the account balance is restored to a minimum of £2,500.
3. Higher rates of interest will be paid for larger balances within a variable tiered structure. The interest differentials between the tiers and the qualifying savings balance levels are variable. Changes to the tiered interest structure and the qualifying savings balance levels will be notified to savers in accordance with the standard investment account terms and conditions.
4. Interest is calculated from the day following deposit up to and including the date of withdrawal, except that interest on any cheque credited to the account is earned from the second working day following the day of receipt. In calculating the number of working days, Saturdays, Sundays, bank or public holidays are excluded.
5. Interest can be either:
   1. Added to your account or
   2. Transferred to another Chelsea account or
   3. Transferred to your bank account

1. Withdrawals may be made subject to certain limits which may be imposed by Chelsea from time to time. Currently £500 cash and £5,000 by cheque may be withdrawn immediately or larger sums by cheque within a few days, subject to terms in 3.2, 3.3 and 3.4 below. For security reasons it is the Chelsea's policy to limit the sums held in cash at all of our branches. Chelsea's daily "on demand" cash withdrawal limit is £500 per saver and Chelsea reserves the right to decline to pay larger sums for withdrawal in cash whether or not notice of withdrawal is given.
2. Withdrawals may not be made wholly or partly against the proceeds of any cheque credited to an account within the preceding six working days. In calculating the number of working days, Saturdays, Sundays, bank or public holidays are excluded.
3. The passbook must accompany any withdrawal request.
4. When making a cash/cheque withdrawal or transfer request, you may be asked to provide additional means of identification for security purposes.
5. Transfers from Chelsea Instant Option (4th Issue) into another Chelsea account are also subject to the withdrawal terms detailed in 3.1 - 3.4 above.