1 Year Limited Access Saver ISA | Chelsea Building Society | Chelsea Building Society
1 year limited access
Earn tax-free interest with an online flexible cash ISA that puts your savings at your fingertips
With this handy online flexible cash ISA, you can easily access and manage your money whenever you need to.
This is a Flexible Cash ISA
You can't move money from existing YBS Group accounts to open or add to this product
Save some or all of your annual ISA allowance in this account
Open and manage your account online
Interest is paid annually
Accounts can be opened with a minimum balance of £100
On the first anniversary of your account opening, your savings will be transferred to Limited Access Saver ISA Issue 1.
Unlimited withdrawals, on any one day per account year based on the anniversary of the account opening date. The account can be closed at any time, but closure, except for transfer to another ISA, will result in the loss of tax free status.
tax-free†/AER* variable** on £100 and above
1 Year Limited Access Saver ISA
What is the interest rate?
Current rates - Effective 9 Jan 2020
This product pays a variable** rate of interest of:
Whether you need to pay tax is dependent on your own personal circumstances and so may be subject to change in the future.
† Tax-free means that interest is not subject to income tax.
* 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.
** Variable rate of interest means that the interest rate payable on your account can change and can move both up and down.
Payment of interest
Interest is calculated daily on cleared balances
Annual interest is paid on the anniversary of account opening, so if you opened your account on 16 June, interest would be paid on 15 June the following year. It will be paid into the 1 Year Limited Access Saver ISA account.
Can Chelsea Building Society change the interest rate?
We can make changes to the interest rate on this account for particular reasons.
What would be the estimated balance after 12 months based on a £1,000 deposit?
After 12 months your balance would be £1,014.00.
We have worked this out assuming a £1,000 deposit is made on account opening, no further deposits or withdrawals are made throughout the 12 months, the interest earned is added to the account and no changes made to the current interest rate.
This is provided for illustrative purposes only and does not take into account your individual circumstances.
How do I open and manage my account?
Eligibility You have to be at least 16 years old. You must be a UK resident for tax purposes, or be a qualifying Crown employee or married to, or in a civil partnership with a qualified Crown employee. The account can only be held in your name. You may only subscribe to one cash ISA in a single tax year.
Account opening and management Accounts can be opened here online at thechelsea.co.uk with a minimum of £100.
You will be able to check your balance and interest rates, and make and view transactions on your account online whenever you wish.
The maximum balance is £20,000 for 2019/20 ISA allowance plus previous years’ ISA transfers. Please check with your existing provider if any charges are applicable on transfer.
Deposits for the current tax year’s ISA allowance can be made at any time. External transfers for any used ISA allowances, including both previous years’ and current years’ subscriptions are permitted.
It is not possible to fund from or transfer an existing Yorkshire Building Society Group account to this product.
Transferring your ISA You can transfer some or all of your money saved in previous tax years into a Cash ISA and/or Stocks & Shares ISA and/or Innovative Finance ISA and/or Lifetime ISA without affecting your annual allowance, subject to the product terms of your account.
You can also transfer money saved in a Cash ISA for the current tax year into a different ISA with the same or a different provider, although you can only hold one of each type of ISA for each tax year. Transfer charges may apply, please check with your existing provider. Do not transfer any ISA balance yourself otherwise you’ll lose your tax benefits.
Can I withdraw money?
The 1 Year Limited Access Saver ISA account allows unlimited withdrawals from your account on one day per account year, based on anniversary of account opening. You may also close your account at any time even if you have used your withdrawal day, without loss of interest. Please remember that if you close your account without transferring directly into another ISA you will lose the tax-free status of your savings.
Please be aware if a withdrawal is made from the account by CHAPS a charge of £23.50 will be incurred. Proof of name ID will be required.
Flexibility means that savings withdrawn from this Cash ISA can be replaced in the same tax year without counting towards your annual ISA allowance. Please note that the tax year runs from 6 April to 5 April the following year.
For security reasons, online withdrawals are not available for the first 14 days after your account has been opened. After 14 days withdrawals can be made from your account at anytime on condition that there are sufficient cleared funds in your account and that you maintain the minimum balance of £100.
Maturity On the anniversary of your account opening your savings will be transferred to Limited Access Saver ISA Issue 1.
Interest earned from your ISA is tax-free and does not contribute to your Personal Savings Allowance.
If you fail to invest in your Cash ISA in a single year, under HM Revenue and Customs rules you will be required to complete a declaration form before you can invest further.
We will advise you of the forthcoming product maturity, and generally communicate with you via email. It is very important that you notify us if your email address changes.
You can change your contact details (postal address, email and telephone) when you are logged in. To change your name you will need to write, enclosing proof of the change, to Chelsea Building Society, Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ.
How to apply
You can only apply online for the 1 Year Limited Access Saver ISA, and there are no paper forms to complete and sign.
Please also refer to our Charges and fees (86 KB) leaflet for details of any charges on our savings accounts.
You will need to verify your identity and address when you apply for a Chelsea account. This may be the case even if you already have an account with Chelsea. Please note: you will need your National Insurance number when applying.