1. The terms that apply to Chelsea Branch Instant are these product terms and our standard investment account terms ('standard terms'). If there is any conflict between the product terms and the standard terms then the product terms apply.
2. Funds saved in this account are shares of Chelsea and your rights and obligations as a member are as set out in our Rules.

2. Deposit (minimum and maximum limits)

1. The minimum opening sum that you must save and maintain is £1.
2. The maximum limit each saver may make into Chelsea Branch Instant is £500,000 provided that the total savings (in this and any other accounts you hold with us) do not exceed £2,000,000 in which case £2,000,000 will be the maximum limit of the aggregate of savings.

3. Interest

1. Interest will only be earned for the period the account balance is at or above the minimum required of £1.
2. The interest rate is variable and we can change the interest rate if any of the circumstances set out in our standard terms, permitting us to vary the interest rate, occurs. We will notify you of any interest rate variation in accordance with our standard terms.
3. If you have elected to receive interest annually then annual interest will be paid on 1 November.
4. If you have elected to receive interest monthly then interest will first be paid on the last day of the month in which your account is opened and then subsequently at the close of each following month. Monthly interest will be calculated by reference to the actual days in the month. The gross interest rate for the monthly interest option will be calculated at a rate which if added to the account each month would produce a rate so near as may be equivalent to the gross annual rate.
5. We reserve the right to change the account terms to introduce a tiered interest rate structure, which will mean that different rates of interest are payable on different balance levels. If we exercise our right, we reserve the right to further vary the interest rate on the respective tiers and/or to change the qualifying balance levels. We further reserve the right to withdraw the tiered interest rate structure and revert back to a single interest rate structure. We will exercise our rights in accordance with the provisions set out in the standard terms.
6. Interest will be calculated from the day following receipt of your deposit up to and including the date of withdrawal, except that interest on any cheque, draft or other order credited to the account will start earning interest from the second working day following the day of receipt. ('Working day' means any day other than Saturday, Sunday, bank or public holiday.)
7. Interest can be either:
   • added to the account or
   • transferred to another Chelsea account or
   • transferred to your nominated bank or building society account.

4. Withdrawals

1. Withdrawals can be made without any prior notice, except that any withdrawal must not exceed the daily limit we set as in accordance with Condition 4.4.
2. Withdrawals 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.
3. The passbook must be presented to us whenever a withdrawal request is made.
4. We reserve the right to impose a daily limit on cash withdrawals. Our current limit for daily cash withdrawals is £500. We also reserve the right to decline to pay larger cash withdrawal sums whether or not you give notice.
5. Before any withdrawal is made you must, if we ask, provide additional means of identification to satisfy our security requirements.
6. For the purposes of this account, the restrictions set out above apply equally to transfers from the account. (This restriction also applies to transfers from this account to any other Chelsea account you may hold with us.)

5. Regular transfer facility

1. Withdrawals may be made from the account using the regular transfer facility provided that there are sufficient cleared funds in your account. ('Regular transfer facility' means a written instruction to make payments on a periodic basis to another account you hold with us.)
2. If you wish to set up, cancel or amend a regular transfer facility instruction then you must give at least seven days' prior written notice.
   ('Written instruction' means original written instructions.)