e-Saver Reward

To open an e-Saver Reward, you must be aged 16 or over and must be a UK resident. An account can be held in your sole name, or jointly with one other eligible individual.

1. The minimum initial deposit is £1.
2. The minimum amount you can withdraw is £1.
3. The maximum amount you can deposit is £1,000,000.
4. Withdrawals or closure made in any month other than April will result in no interest being paid in that month.
   
   Withdrawals are only allowed by logging onto our website to transfer to your nominated savings or bank account which can include a nominated account you hold with us.
   
   For security reasons, online withdrawals are not available for the first 7 days after your account has been opened. After 7 days withdrawals can be made from your account at any time on condition that there are sufficient cleared funds in your account and that you maintain the minimum balance of £1.
5. Your initial deposit can be made by debit card, external transfer from another savings or bank account provider, or transfer from another account held with Chelsea. Deposits may only be made by cheque if your identity cannot be verified electronically during the application process. Any subsequent cheques received will be returned to you. We do not accept Postal Orders.
6. Additional deposits (minimum amount £1) can be made by debit card, transfer from another external savings or bank account, e.g. by standing order, or from another account held with Chelsea.
7. Deposits by transfer from another Chelsea online account will start to earn interest on the day they are credited to your account. Transfers from an existing Chelsea branch or postal account to an online account will earn interest including the date of transfer on the previous account, and will start to earn interest on the online account from the following working day.
8. Transfers to another Chelsea online account will normally be credited the following working day. Transfers to savings or bank accounts held with other providers or Chelsea accounts that are not online accounts will take 3 working days after the transfer date, if processed before 8pm (transfers after 8pm will take an extra working day to reach the account).

You must maintain a minimum balance of £1 in your account at all times. The maximum balance is £1,000,000.

The rate of interest for the e-Saver Reward account is variable and payable monthly.

No interest is payable in respect of any month in which you make a withdrawal from or close your e-Saver Reward account. However, in April each year you may make withdrawals from or close the account without affecting your right to any interest earned in that month.

Interest due for any month is payable on the first working day of the following month. It can be credited to your account or paid into another Chelsea account or an external account held with another savings or bank account provider.

Interest transferred to an external savings or bank account, or Chelsea accounts that are not online accounts will be paid via the Bankers Automated Clearing System (BACS). Payments will be issued on the 1st working day of the month and will be credited to the external account on the 3rd working day of the month.

You may nominate twelve external accounts for withdrawals to be transferred to, and you will also be able to choose up to three other Chelsea online accounts to receive transfers from your e-Saver Reward account. Chelsea savings accounts that are not other online accounts must be set up as external nominated accounts where transfers will be paid via BACS.

You will be able to check your balance and interest rate and view statements showing transactions on your account whenever you wish. As we will advise you of changes to e-Saver Reward interest rate and terms, and generally communicate with you, via email, it is very important that you notify us if your email address changes.

You can change your contact details (postal address, email and telephone) when you are logged in. To change your name you will need to write, enclosing proof of the change, to Chelsea Building Society, Internet Savings Department, Thirlestaine Hall, Thirlestaine Road, Cheltenham, Gloucestershire, GL53 7AL.

If you open an e-Saver Reward account and subsequently change your mind within 14 days, we will either transfer your savings to another account with us or repay them to you with interest earned up to but not including, the day of closure. Contact us for more details.

If at any time you're not satisfied with the service you've received, please let us know. We have a simple process enabling you to do this, the details of which are in our leaflet "We're here to help you - our complaints process", which can be downloaded from this site, obtained at any of our branches or requested by calling us on 0845 850 4041.

If we cannot come to a resolution to your satisfaction, you may have the right to refer the matter to the Financial Ombudsman Service, of which we are a member.

If you open an account it will be with Yorkshire Building Society (trading as Chelsea Building Society). Chelsea Building Society is operated under its own brand with its own products and as a trading name of Yorkshire Building Society.

Chelsea Building Society will communicate with you in English.

Yorkshire Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Find out more.