Current rates - Effective 29 January 2021

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 31 March. It can be paid into the e-ISA - Issue 4 account, another Chelsea Building Society account or another building society or bank account

We can make changes to the interest rate on this account for particular reasons.

7 and 8 set out those reasons. Term 11 tells you how we will notify you of the changes.

After 12 months your balance would be £1,003.00.

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.

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 £10.

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 2021/22 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.

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.

The e-ISA - Issue 4 allows unlimited withdrawals (minimum £1) without loss of interest.

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 £10.

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.

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 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 number) when you are logged in. To change your name you will need to write, enclosing proof of the change, to Chelsea Building Society, Timbercombe House, Charlton Kings Business Park, Cirencester Road, Cheltenham, Gloucestershire, GL53 8DZ.