Chelsea Ascension 45 account
An account which pays at least the Bank of England Base Rate, plus an annual bonus up to 18 August 2011. But you'll need to give us 45 days notice of withdrawals.
Key Features
- Save from £1 to £500,000* per saver
- 0.15% pa bonus paid up to 18 August 2011
- Underlying rate guaranteed to be at least Bank of England Base Rate until 18 August 2011
- 45 day notice period for withdrawals up to 18 August 2011†. After that no notice of withdrawals required
- Maximum of 2 savers are permitted. One account per saver
- Interest paid annually on 1 December
- Passbook operated.
If the Bank of England Base Rate changes before this date, we will change the interest rate on the account where necessary (which could be up or down) within 30 days.
* 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† If a withdrawal is made without notice an equivalent of 45 days' loss of interest on the amount withdrawn will be applied.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 and conditions that apply to Chelsea Ascension 45 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.
- This account is one regulated by the Financial Services Authority's Banking Conduct of Business Sourcebook.
- 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 deposit each saver may make into Chelsea Ascension 45 is £500,000 provided that the total savings held (in this and any other accounts the saver holds with us) do not exceed £2,000,000 in which case £2,000,000 will be the maximum limit of the aggregate of savings. Only one Chelsea Ascension 45 account per saver.
3. Interest
- The interest rate is variable and we can change the interest rate if any of the reasons 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.
- An interest rate bonus of 0.15% gross will apply until 18 August 2011. The bonus is calculated on a daily basis and will end on 18 August 2011.
- From the date of opening the account, up to and including 18 August 2011 (the 'guarantee period') we guarantee that the underlying gross annual interest rate will be at least equal to the Bank of England Base Rate.
- For the purposes of the guarantee, if there is a change in Bank of England Base Rate during the guarantee period which results in the rate being less than that payable under the terms of the guarantee we will change the interest rate within 30 days.
- If the Bank of England ceases to exist in the guarantee period and no rate is established in substitution by the Monetary Policy Committee or other equivalent body the government may appoint then we shall give you notice that the terms of the guarantee cannot continue to be applied and we shall be released from our obligation to pay you the guaranteed rate.
- Annual interest is paid on 1 December.
- Interest can be either:
- Added to your account or
- Transferred to another account or
- Transferred to your nominated bank or building society account.
4. Withdrawals/transfers
- Up to and including 18 August 2011, withdrawals and transfers without loss of interest may only be made provided 45 days' prior notice is given by you in writing to us. If the required notice is not given and a withdrawal is required, then an equivalent of 45 days' loss of interest on the amount withdrawn (calculated at the gross rate prevailing at the date the withdrawal is made) will be applied. If the loss of interest exceeds the total interest earned in the relevant period the loss of interest will be deducted from the account balance.
- On 19 August 2011 the account will become instant access and withdrawal or transfers may be made without notice or loss of interest.
- Withdrawals and 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 Ascension 45 |
| Interest rates (AERs) | Rate is guaranteed to be at least the Bank of England Base Rate plus a bonus of 0.15% pa to 18 August 2011. See interest rate |
| Tax Status | Gross or net |
| Conditions for bonus payment | Bonus payment is unconditional |
| Withdrawal arrangements | Withdrawals with 45 days' prior written notice up to 18 August 2011 or instant access subject to an equivalent of 45 days' loss of interest on the amount withdrawn. From 19 August 2011, no notice of withdrawals required. |
| 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 1 September 2009
Effective 1 September 2009
* Rate guaranteed to be at least the same as Bank of England Base Rate until 18 August 2011.
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.
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