Savings Comparison

For when choosing the right account gets too tough.

Instant ISA

Instant ISA is open to anyone aged 16 or over who is resident in the UK for tax purposes, or a qualifying Crown employee or married to a qualifying Crown employee. You can save up to 15,000 tax-free this tax year depending on your age. See ISAs explained for more details.

You can apply either at a branch or by post.

 

1.00%

tax-free pa/AER

on 10 and above

Key Features

  • Open your ISA with only 10
  • Interest paid annually on 31st March
  • Monthly interest option also available
  • ISA transfers accepted
  • Interest paid tax free
  • Apply in branch or by post
  • Passbook operated


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.

Tax-free means that interest is not subject to income tax

 

Terms

The Financial Conduct Authority and the Prudential Regulation Authority are financial services regulators. They require us, Yorkshire Building Society trading as Chelsea, to give you this important information to help you decide whether our Branch Instant Cash ISA account is right for you.

You should read this information carefully so that you understand what you are buying, and then keep it safe for future reference.

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

In these terms and conditions:

  1. ISA means the Individual Savings Account.
  2. ISA rules mean the Individual Savings Account regulations which are prescribed by the Government and regulate how this account may operate if it is to qualify for the benefit of favourable tax rules.
  3. The terms and conditions which apply to this savings account are these product terms, our savings account standard terms and conditions ('standard terms') and the ISA rules. If there is any conflict between the product terms and the standard terms then the product terms apply.
  4. If it comes to our notice that your Chelsea Branch Instant Cash ISA does not conform to the ISA rules then we will transfer it to our Branch Instant or close your account and return your funds to you. If your Chelsea Branch Instant Cash ISA breaches the ISA rules and is void or becomes void we may, subject to the ISA rules, apply tax in respect of any interest already paid or which is payable subsequently.
  5. We will write to you each year to remind you of the terms which govern the operation of your cash ISA and your obligations.
  6. If you fail to subscribe to your Chelsea Branch Instant Cash ISA in any tax year you will be required to complete a new application form should you wish to continue to subscribe or deposit funds in subsequent tax years. (We may, in the circumstances where you fail to subscribe to your Chelsea Branch Instant Cash ISA in any tax year, request that you open a new Chelsea Branch Instant Cash ISA for subsequent subscriptions).
  7. You agree that the operation of this account is subject to the provisions of the ISA rules. A summary of the ISA rules are set out in the declaration section of the application form.
  8. This account is one regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
  9. If we make any changes to these product terms or our standard terms we will notify you in accordance with Condition 6.6 of our standard terms.
2. Deposit (minimum and maximum limits)
  1. The minimum opening and interest earning balance is 10.
  2. The maximum you may deposit into a cash ISA is specified by the Government in the ISA rules. The annual limit you may deposit in a cash ISA in any one tax year is 15,000. However, subject to compliance with the ISA rules, transfers of funds you have saved with other ISA managers are also permitted to be deposited in this account, provided that the aggregate balance you have deposited in this account does not exceed 100,000.
3. Interest
  1. A tiered interest rate structure applies to this account and the interest rate, which is variable, will depend on the amount of funds you have deposited into this account. We can change the rate if any of the circumstances set out in our standard terms, permitting us to vary the interest rate, occur. We will notify you of any interest rate change in accordance with Conditions 3.5/3.6 of our standard terms.
  2. Annual interest is paid on 31st March.
  3. If you have elected to receive interest monthly then interest is first payable on the last day of the month in which your account is opened and then subsequently on the last day of each following month. Monthly interest will be calculated by reference to the actual days in the month and the amount will therefore vary from month to month.
  4. We reserve the right to withdraw or change the interest rate tiering structure and to introduce different rates of interest for the respective tiers. If we exercise this right, we will do so in accordance with the provisions as set out in our standard terms and give you notification.
4. Withdrawals/transfers
  1. Withdrawals or transfers can be made without any prior notice, except that any withdrawal must not exceed the daily limits we set.
  2. Withdrawals or transfers may not be made against the proceeds of a cheque, draft or order credited to your account within the preceding five working days. ('Working' day means any day other than Saturday, Sunday, bank or public holiday.)
5. Transfer to another ISA manager
  1. You may at any time transfer:
    • The whole or any part of your previous years’ ISA subscriptions (including interest accrued) to another ISA manager and/or
    • The whole of the ISA subscriptions you have made for the current year to another ISA manager
      On receipt of a transfer instruction from the new manager, we will send the cash and accompanying information to the new manager within 5 business days of the date of receipt. Subject to withdrawal restrictions on your account. On receipt of a transfer instruction from you, we will send it to the old ISA manager - together with a confirmation that we will accept the transfer - within 5 business days of the date of receipt, and on receipt of the cash and accompanying information from the old manager, we will credit the cash to the ISA account within 3 business days of the date of receipt.
6. Cancellation
  1. If, within 14 days from the date your account is first opened, you decide that this type of account is not suitable for you, tell us, and we will (provided any cheque you have paid has cleared) return the deposit to you or, if you request, transfer the funds held in this account to another Chelsea account without loss of interest.

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 Instant ISA
Interest rates (AERs) Variable rate paid annually or monthly.
See interest rate
Tax Status Tax-free
Conditions for bonus payment N/A
Withdrawal arrangements Instant withdrawals without loss of interest
Access Branch or post

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.

   

How to apply

This savings account can be operated in various ways and can be opened at a branch or via the post.

Note: When applying for an account you will need to verify your identity and address. Check our  verify your identity and address section for more details of what you may need to take with you.

Making an application

More information:

  • Call us on 0845 166 9219 
    Lines are open:
    Monday - Friday: 8am to 8pm
    Saturday: 9am to 1pm

 

Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.

References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.

Buy to Let mortgages are not regulated by the Financial Conduct Authority.

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. Landline calls to 0800 numbers are free. Mobile phone providers may charge.

Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in theFinancial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.

References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.

Buy to Let mortgages are not regulated by the Financial Conduct Authority

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. Calls to 0800 numbers from landline phones are free. Mobile providers however may charge.

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