Savings & Investments

Chelsea Postal 30 Cash ISA (3rd Issue)

If you don't have easy access to one of our branches, but want to make use of your ISA allowance, our Chelsea Postal Cash ISA could be right for you. All withdrawals and deposits are handled centrally, using the postal service, with interest paid annually, tax-free.

2.35%

tax-free pa/AER variable

on £1 & above

How to apply 
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Key Features

  • Minimum opening deposit £1
  • Save up to £100,000*
  • ISA transfers accepted
  • Applicants must be 16 years or over and be resident and ordinarily resident in the UK for tax purposes
  • Interest paid tax free
  • Interest paid annually on 1 March
  • 30 days notice period for withdrawals†
  • Operated via the post.

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

* 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† If a withdrawal is made without notice an equivalent of 30 days' loss of interest on the amount withdrawn will be applied. If the interest accrued on 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

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 Postal 30 Cash ISA (3rd Issue) 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 Postal 30 Cash ISA (3rd Issue) does not conform to the ISA rules then we will transfer it to our PostSaver Advantage or close your account and return your funds to you. If your Chelsea Postal 30 Cash ISA (3rd Issue) 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 Postal 30 Cash ISA (3rd Issue) and your obligations.
  6. If you fail to subscribe to your Chelsea Postal 30 Cash ISA (3rd Issue) 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 Postal 30 Cash ISA (3rd Issue) in any tax year, request that you open a new Chelsea Postal 30 Cash ISA (3rd Issue) for subsequent subscriptions).
  7. This account is administered by our office. It may only be operated by post and not at any of our branches.
  8. 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.
  9. This account is not a Payment Account.
  10. 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)
  1. The minimum opening and interest earning balance is £1.
  2. The maximum you may deposit into a Chelsea Postal 30 Cash ISA (3rd Issue) 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 £5,100. 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. The interest rate that applies to this account 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.
  2. Annual interest is paid on 1 March.
  3. We may introduce tiered interest rates. If we do, then we reserve the right to vary the interest rate differential and the tiering rate interest structure.
4. Withdrawals/transfers
  1. Withdrawals or transfers may not be made against the proceeds of a cheque, draft or order credited to your account within the preceding six working days. ('Working' day means any day other than Saturday, Sunday, bank or public holiday.).
  2. Apart from transfers to another ISA provider, only cheque withdrawals are permitted.
  3. Withdrawals without loss of interest may only be made provided 30 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 to 30 days' loss of interest on the amount withdrawn (calculated at the gross rate prevailing at the date the withdrawal is made) will be applied when interest is next payable. If the loss exceeds the total interest earned in the relevant period the loss of interest will be deducted from the account.
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.
  2. If your request for transfer is a 'valid transfer request' under the ISA rules, we will make the transfer as soon as we reasonably can after we receive the request.

    (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).
6. Cancellation
  1. If, within 30 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 Postal 30 Cash ISA (3rd Issue)
Interest rates (AERs) Variable rate paid annually on 1 March.
See interest rate
Tax Status Tax-free
Conditions for bonus payment N/A
Withdrawal arrangements Withdrawals with 30 days' prior written notice, or instant access subject to an equivalent of 30 days' loss of interest on the amount withdrawn.
Access By 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

You can apply for an account by visiting a Chelsea branch or by completing an application form.

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.

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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:
  • Completed form(s)
  • Cheque (minimum £1)*
  • Identification (if required)

Send to:
Chelsea Building Society
Savings Department
Freepost SW3414/4
Thirlestaine Hall
Thirlestaine Road
Cheltenham
GL53 7BF 		Bring the following items with you:
  • Completed form(s)
  • Cheque (minimum £1)*
  • Identification (if required)

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.

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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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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:

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    http://www.thechelsea.co.uk/contact/index.html
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    http://www.thechelsea.co.uk/contact/branch_finder.html
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    http://www.thechelsea.co.uk/security/online_help.html