Cash ISA (2nd Issue)


Summary box
Key product information for our savings account

Account name Cash ISA (2nd Issue)
Interest rates (AERs) £10 - £5,999  2.85% gross pa+/AER*
£6,000 plus  3.00% gross pa+/AER*

Variable interest rates effective from 24 November 2008
Tax status Interest is paid without tax deducted subject to ISA regulations, the account terms and conditions and receipt of a valid declaration
Conditions for bonus payment Not applicable
Withdrawal arrangements Instant penalty free withdrawals++
Access Branch/post

Key features

  • Under the ISA Regulations, you can add to the Cash ISA (2nd Issue) as often as you like up to a maximum of £3,600 in any tax year**
  • If you save £3,600 and then withdraw some funds, you will not be able to add to the ISA again within the tax year
  • If you don't add to your ISA in a tax year, the next time you want to save you'll have to complete a new application form
  • You must be 16 years or over and be resident in the UK for tax purposes to apply
  • Joint ISAs aren't available
  • You can transfer your Cash ISA (2nd Issue) to another institution subject to the maximum savings limits imposed by the Government
  • Chelsea does not accept transfers in from other institutions
  • Savings limits for future tax years will be determined by the Government
  • Save from £10 to £3,600 in any tax year**
  • Interest paid annually on 1 July
  • Passbook operated

+Subject to ISA Regulations, the account terms and conditions and receipt of a valid declaration, interest will be paid gross without income tax being deducted.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to the account each year. Withdrawals may affect the AER
++Up to £500 cash or £5,000 by cheque may be withdrawn immediately over the counter in a branch. Larger sums may be withdrawn by cheque in a few days
**Each tax year starts on 6 April in one year and ends on 5 April in the next. For example, the tax year 2008/2009 is the period 6 April 2008 to 5 April 2009.


Chelsea Building Society subscribes to the Banking Code, a copy of which is available on request.