Key Features

  • Instead of earning interest on your savings, use them to reduce the cost of your mortgage by only paying interest on the difference between your offset mortgage balance and your offset savings balance
  • Open up to 3 savings accounts with the combined balances offsetting the cost of your mortgage
  • Open your account with a nil balance
  • Save up to a maximum 100% of your offset mortgage balance (please note, if your savings balance exceeds this level you'll not receive any benefit from or be paid any interest on the surplus)
  • Withdraw up to £1,000 in cash in any one day or an unlimited amount by cheque without notice (you can withdraw up to £5,000 in any seven day period with a few days’ notice)
  • View your balance and transfer money online whenever you choose

 

Summary Box

Account Name Offset Savings Account
What is the interest rate?

No interest is paid on this account

 
Gross† p.a. AER*
0.00% 0.00%


Whether you need to pay tax is dependent on your own personal circumstances and so may be subject to change in the future.

† Interest is paid gross i.e. without tax being taken off on all our savings accounts – ISA accounts pay interest tax-free.

* AER stands for the 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.
Can Chelsea Building Society change the interest rate?

Not applicable for this account.
What would be the estimated balance after 12 months based on a £1,000 deposit?

Not applicable for this account. The balance in this account will be offset against the balance of you Chelsea Buidling Society offset mortgage for the purpose of calculating interest on your mortgage.
How do I open and manage my account?

Eligibility
The Offset Savings account is only available in conjunction with a Chelsea Building Society Offset mortgage.


Account management
The account can be managed online or in a YBS branch.

The minimum balance is £ zero

The maximum balance is up to 100% of your Offset mortgage balance
Can I withdraw money?

Withdrawals
The Offset Savings account allows instant withdrawals without loss of interest.


Maturity
After repayment of the balance of the Chelsea Building Society Offset mortgage, the balance in the Offset Savings account (if any) will be transferred to an Access Saver account.
Additional Information

We will provide statements at least once a month where transactions have taken place within the previous 30 days.

 

How to apply

Before you apply

You can only apply for an Offset Savings Account by taking out one of our Offset mortgages.
Please read the Product Terms together with our General Terms and Conditions and the FSCS information sheet before applying online.
Please also refer to our Charges and fees leaflet for details of any charges on our savings accounts.

Step 1: Apply for an Offset mortgage

Whether you apply online or over the phone, we'll ask you how many offset savings accounts you'd like (you can have up to 3) and the names of these accounts.

Step 2: Sign and return the forms we send you

When we send you your mortgage offer, we'll also send you a pre-completed Offset savings application form for each account you've requested.

Simply sign and return these application forms before your mortgage completes and we'll have your Offset savings account(s) ready and waiting for you on completion day.

Already have an Offset mortgage?

Call us

Speak to one of our friendly advisers to discuss opening an Offset Savings Account.
9am - 5pm Mon-Fri
9am - 1pm Sat