The Bank of England announced on 2nd August 2018 that the current Bank base rate will increase from 0.50% to 0.75%. What does this mean for you?
To make payments into your account from within the UK, or for a Direct Debit payment from your Capital account, Classic account or Chelsea Share account:
|Account name||Chelsea Building Society account holder's name|
|Chelsea sort code||
60 – 95 – 95
(operated through one of our main bankers – NatWest Bank Plc)
|Account number||The first 8 digits of your Chelsea account number|
|Reference or roll number||The full 10 digits of your Chelsea account number (credits only)|
Typical types of transaction are:
CHAPS – 'Same day value' electronic payments which, when received into accounts, are treated as cleared funds.
Faster Payments – We accept faster payments into our sort codes from UK banks offering an outward faster payment service to their customers. Standing orders, internet and telephone banking payments can be sent using this service, subject to payment limits.
BACS – These tend to be regular payment arrangements into accounts, such as standing orders, salaries and DWP payments.
Direct Debits – Arrangements for payments from a Capital or Classic account to a third party – e.g. to pay utility bills, insurance premiums or Sky subscriptions.
Not all accounts can receive payments, so please refer to your account terms and conditions before making a payment.
To make payments into your account by electronic transfer (SWIFT) from abroad you will need to use the following:
|Sort code||56 – 00 – 36|
|Bank Account Number||42200598|
|Bank Account Name||Chelsea Building Society|
|IBAN||GB92 NWBK 560036 42200598|
|Reference||Your personal Chelsea account number|
|Account Name||The full name of the account holder|
|Bank Name||National Westminster Bank Plc|
Bradford Broadway Branch
1 Market St
Where payments are sent by the Faster Payment service to your account they will be credited within 4 hours of receipt of funds from our clearing bank.
You can pay a cheque into your CBS account at any Yorkshire Building Society branch or agency - however you should be aware that the terms & conditions of our online based accounts mean that we do not accept cheque deposits into these accounts.
Cheques should be made payable to the account holder and not to the Society.
All cheques in the United Kingdom are cleared in accordance with the 'Customer Promise' cheque clearance timescales. Chelsea Building Society savings accounts use clearing cycle timeline, as explained below.
|Monday||The cheque is paid into the account|
|Tuesday||Working day 1||The cycle starts on the first working day after the cheque is paid into your account. A working day is any day excluding a Saturday, Sunday or bank holiday in England and Wales. If a Saturday, the cycle will start on the next working day.|
|Wednesday||Working day 2||Interest starts to be earned today.|
|Thursday||Working day 3|
|Friday||Working day 4|
|Monday||Working day 5||You will be able to withdraw the money today. However the cheque could still be returned unpaid (bounced) until the end of working day 6.|
|Tuesday||Working day 6||You can be sure the money is yours at the end of today.|
|Wednesday||Working day 7||The money cannot be reclaimed without your consent (unless you are a knowing party to fraud).|
A Working Day is any day excluding a Saturday, Sunday or bank holiday in England and Wales.
To help people when they change to a new current account provider, the Payments Council has introduced a Cheque Redirection Service. If we are notified that the cheque you are paying into your account has been redirected and is part of this service, the clearing cycle will restart from the day we receive the notification.
Please note that cheques are valid for 6 months from the day they are signed and dated. Cheques payable to you should be paid into your account in plenty of time to allow them to clear before they become out of date.