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.
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.