Chelsea Regular Savings - terms and conditions

1. General
  1. The terms and conditions which apply to the Chelsea Regular Savings Account 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 saved in this account are shares of Chelsea and your rights and obligations as a member are set out in our rules.
  3. No more than one Chelsea Regular Savings account may be opened by you or held, on your behalf, by another. (We reserve the right to close the account should we discover that the account has been opened in breach of this condition.)
2. Your regular savings obligation
  1. The minimum opening sum that you must save and maintain is £10. No interest will be earned on balances of less than £10. The maximum opening sum that you may save is £2,000. The maximum balance of the account is £500,000 per saver (a maximum of two savers are allowed). However, your total savings with us (in this and any other accounts you have with us) must not exceed £2,000,000 in which case £2,000,000 will be the limit of the aggregate of your savings.
  2. You must make a payment(s) of at least £10 but no more than £2,000 in every calendar month. We will count your opening deposit as the first of the monthly payments you are required to make, regardless of what day of the month you opened the account.
3. Our rights if you breach your regular savings obligation
  1. If it comes to our notice that you have breached your regular savings obligation then we reserve the right to take the following action:

    1. if the breach is due to the maximum deposit limit being exceeded, to return the funds which exceed the maximum deposit limit
    2. if you do not make a payment into the account every calendar month then we shall be entitled to:

      1. redesignate your account title as 'Chelsea Instant Savings' and
      2. ii. from the date of breach reduce the interest payable on your account from that which applies to Regular Savings and apply the rate that applies to our currently available issue of the Instant Savings account (except that the minimum interest earning balance will stay the same). The substituted interest rate applied under this condition will apply from the date of breach until closure of the account.
4. Interest
  1. Interest is paid annually on 1 October.
  2. The interest rate is variable and we can change the rate of interest paid on your account as follows:

    1. if any of the circumstances permitting us to vary the interest rate as set out in our standard terms occur
    2. if you breach your regular savings obligation and we exercise our rights under 3.1b
    3. if we exercise our rights under Condition 6
    4. if the interest rate changes as a result of the operation of 4.2a we will tell you, as in accordance with our standard terms
    5. if the interest rate changes as a result of the operation of 4.2b we will tell you personally within 30 days.
  3. Interest will be earned from the day following deposit up to and including the date of withdrawal, except that interest on any cheque credited to your account will be calculated from the second working day following the date of receipt. ("Working day" excludes Saturday, Sunday, bank or other public holiday.)
  4. Interest can be either:

    1. added to your account or
    2. transferred to another Chelsea account you hold with us or
    3. transferred to your bank account
5. Withdrawals
  1. Withdrawals can be made without any prior notice, except that any withdrawal you make must not exceed the daily cash or cheque limit we, from time to time, prescribe. Currently our limit is £500 for cash and for cheque withdrawals without prior notice is £5,000. (We reserve the right to decline to pay cash withdrawals in excess of our daily limit whether notice of withdrawal is given or not.)
  2. When you make a withdrawal we will ask for your passbook and we may also ask you for proof of your identity.
  3. Withdrawals may not be made (either wholly or in part) against the proceeds of any cheque, draft or order credited to the account within the preceding six working days.
  4. Withdrawals for the purpose of this account also include transfers from this account.
6. Our right to release you from your regular savings obligation
  1. We reserve the right to release you from your regular savings obligation and withdrawal restrictions. If we exercise our right we will notify you and, from the date we first give you notice, you will be able to operate your account without any obligation to make further deposits.
  2. We will notify you of the change to the account terms as in accordance with our standard terms