Offset Savings Account | Chelsea Building Society
OFFSET SAVINGS ACCOUNT
It could help you pay off your mortgage quicker or reduce your monthly payments.
This could be the right choice if:
- you're taking out a Chelsea Building Society offset mortgage
- you want to offset your savings against your mortgage
- you need to make regular payments from your account
- you want to access your money if you need it
Key Features
You can only apply for an Offset Savings Account by taking out one of our Offset mortgages.
Summary Box
Account Name | Offset Savings Account | ||||
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What is the interest rate? | No interest is paid on this account
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. |
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Can Chelsea Building Society change the interest rate? | Not applicable for this account. |
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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. |
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How do I open and manage my account? | Eligibility Account management The minimum balance is £ zero The maximum balance is up to 100% of your Offset mortgage balance |
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Can I withdraw money? | Withdrawals Maturity |
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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.
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.