Chelsea 60 Day Notice account
An account offering annual or monthly interest and access subject to 60 days' notice or loss of interest.
2.25%
gross pa/AER variable
on £1 & above
Withdrawal restrictions apply
Key Features
- Minimum account opening balance £1
- Save from £1 to £500,000* per saver (maximum of 2 savers are permitted)
- Interest paid annually on 1 June. Monthly interest option available.
- Withdrawals allowed subject to 60 days' notice or immediately with 60 days' loss of interest†
- 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.
* Provided your total savings in this and all other Chelsea accounts does not exceed £2 million.
† If a withdrawal is made without notice an equivalent of 60 days' loss of interest on the amount withdrawn will be applied. If the interest accrued on the date of withdrawal is insufficient to meet the loss of interest, this will be deducted from the account balance. This means that you would not get back the original money deposited. Please bear this in mind when requesting or making a withdrawal without prior notice.
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
- The terms that apply to Chelsea 60 Day Notice Account are these product terms and our savings account standard terms ('standard terms'). If there is any conflict between the product terms and the standard terms then the product terms apply.
- This account is not a Payment Account.
- If we make any changes to these product terms or our standard terms we will notify you in accordance with condition 6.7 of our standard terms.
2. Deposit (minimum and maximum limits)
- The minimum opening and interest earning balance is £1.
- The maximum balance is £500,000 per saver. Two savers per account are permitted. This is provided that the total savings (in this and any other accounts you hold with us) do not exceed £2,000,000.
- Only one Chelsea 60 Day Notice Account per saver.
3. Interest
- 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 condition 3.5 of our standard terms
- We reserve the right to introduce a tiered interest rate structure or withdraw it and revert back to a single interest rate structure.
- Annual interest is payable on 1 June.
- If you have chosen 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.
- 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/transfers
- Withdrawals or transfers can be made without any loss of interest if 60 days prior notice is given to us in writing. If the required notice is not given 60 days loss of interest on the amount withdrawn will be applied. This is calculated at the gross rate prevailing at the date the withdrawal/transfer is made. If the loss of interest exceeds the total interest earned in the relevant period then the loss of interest will be deducted from the account balance.
- Withdrawals/transfers may not be made (wholly or in part) against the proceeds of any cheque, draft or other order credited to the account within the preceding six working days.
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 60 Day Notice |
| Interest rates (AERs) | See interest rate |
| Tax Status | Gross or net |
| Conditions for bonus payment | N/A |
| Withdrawal arrangements | Withdrawals with 60 days' prior written notice or instant access subject to an equivalent of 60 days' loss of interest on the amount withdrawn |
| 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
Current rates
Effective 19 June 2010
Effective 19 June 2010
How to apply
You can apply for an account by visiting a Chelsea branch or by completing an application form.
- Please read the Terms and Conditions applying to this account - both the Product Terms and the Standard Terms - before applying online.
- You will need to verify your identity and address when you apply for a Chelsea account.
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.
- Application form - new and existing savers
- Transfer form - existing savers
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:
Send to: Chelsea Building Society Savings Department Freepost SW3414/4 Thirlestaine Hall Thirlestaine Road Cheltenham GL53 7BF |
Bring the following items with you:
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.
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.
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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