Over 50s Cash ISA (4th Issue)

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 Chelsea Over 50s Cash ISA (Issue 4) 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 Over 50s Cash ISA (Issue 4) 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 Over 50s Cash ISA (Issue 4) 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 Chelsea Over 50s Cash ISA (Issue 4) and your obligations.
6. If you fail to subscribe to your Chelsea Over 50s Cash ISA (Issue 4) 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 Over 50s Cash ISA (Issue 4) in any tax year, request that you open a new Chelsea Over 50s Cash ISA (Issue 4) 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 not a Payment Account.
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.

1. The minimum opening sum is £5,640. The minimum interest earning balance is £1.
2. The maximum you may deposit into Chelsea Over 50s Cash ISA (Issue 4) 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 £5,640. 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.

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, unless the change in the interest rate is as a result of a transaction which has moved your balance into a different interest rate tier.
2. Interest is paid monthly. It is first paid on the last day of the month in which your account is opened and then subsequently on last day of each following month. Monthly interest will be calculated by reference to the actual days in the month and the amount of interest will, therefore, vary from month to month.
3. 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.

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.)

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.

(Please note that to avoid breach of the ISA rules and loss of tax free qualifying status of your ISA on transfer to another ISA manager you should ensure the new ISA to which the funds are to be transferred has been set up before the transfer request is made).

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.