ClicknSave 30 terms and conditions

1. General
  1. The terms and conditions that apply to ClicknSave 30 are these product terms and our standard investment account terms and conditions ('standard terms'). If there is any conflict between the product terms and the standard terms, then the product terms apply.
  2. Funds invested into this account are shares of Chelsea and your rights and obligations as a member are as set out in our rules.
  3. Either single or joint accounts (maximum of two people) may be opened.
  4. This account is administered and controlled by our Savings Department based at our Head Office and at our Cheque Processing Centre. No other offices of Chelsea are authorised to process withdrawal requests or to accept cash, cheques or other deposits for investment into this account.

2. Investment (minimum and maximum limits)
  1. The minimum opening sum that you must save and maintain is £100. (If the balance falls below the minimum, no interest will be earned for the period the balance is below £100.)
  2. The maximum investment that may be made into ClicknSave 30 is £250,000 for each saver, provided the total savings held (in this and any other account the saver holds with us) do not exceed £2,000,000 in which case £2,000,000 will be the maximum investment limit of aggregate of investment.
  3. We reserve the right, after giving you prior written notice, to decline to accept any further deposits into ClicknSave 30.
  4. No cash payments will be accepted. (Any cash payments tendered will be returned to you without any liability on our part.)
3. Interest
  1. The interest rate is variable and we can change the interest rate if any of the circumstances permitting a variation of interest rates, as set out in our standard terms, occur. We will notify you of any interest variation in accordance with our standard terms.
  2. If you have elected to receive interest annually then interest will be paid on 1 October each year.
  3. If you have elected to receive interest monthly, then the interest is first payable on the last day of the month in which your account is opened and then subsequently on the close of each following month. Monthly interest will be calculated by reference to the actual days in the month and the amount will, therefore, vary from month to month.
  4. Interest will be calculated and earned from the day following receipt of your deposit up to and including the date of withdrawal except that interest on any cheque, draft or other order credited to the account will start earning interest from the third working day following the day of receipt up to an including the day of withdrawal. ('Working day' means any day other than Saturday, Sunday, bank or public holiday).
  5. Interest can be either:
    1. added to the account or
    2. transferred to another Chelsea account or
    3. transferred to your bank account.
  6. We reserve the right to change the account terms to introduce a tiered interest rate, which will mean that different rates of interest are payable on different balance levels. If we exercise our right, we reserve the right to further vary the interest rate on the respective tiers and/to change the qualifying balance levels. We further reserve the right to withdraw the tiered interest rate structure and revert back to a single interest rate structure or re-introduce the tiered interest rate structure. We will exercise our rights under this condition in accordance with the provision set out in our standard terms.

4. Withdrawals, transfers and closures
  1. From 7 April 2007 up to and including the 2 June 2008, any withdrawals made will incur a penalty equivalent to 30 days' interest on the amount withdrawn unless at least 30 days prior notice for the withdrawal is given. The penalty will be calculated at the gross* rate prevailing at the date the withdrawal is made. If the penalty exceeds the total interest earned the penalty will be deducted from the capital account balance.
  2. From 3 June 2008, the restriction in Condition 4.1 shall cease to apply and withdrawals may be made without notice or interest penalty.
  3. Withdrawals will only be permitted by either a Chelsea drawn cheque or by funds transferred, via the Bankers Automated Clearing System (BACS), to your nominated bank or building society account.
  4. Withdrawals may not be made (wholly or in part) against proceeds of any cheque, draft or other order credited to the account within the preceding 8 working days.
  5. When making a cheque withdrawal or a transfer, you may be asked to provide means of identification for security purposes.
  6. In the event of the death of a sole or sole remaining joint saver (other than a nominee or trustee) the balance and accrued interest to the date of withdrawal on the account will be available to the deceased's personal representative without notice upon provision of the necessary documentation.
  7. Transfers from ClicknSave 30 into another Chelsea account are also subject to the withdrawal terms set out above.
* Net interest equals gross interest less income tax at the rate specified by law.