Autumn Fixed Rate Bond terms and conditions

1. General
  1. The terms and conditions that apply to the Autumn Fixed Rate Bond 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 into this account are shares of Chelsea and your rights and obligations as a member are as set out in our rules.

2. Deposit (Minimum and maximum limits)
  1. The minimum opening sum that you must save is £1,000. The minimum interest earning balance is £1.
  2. The maximum deposit each saver may make into an Autumn Fixed Rate Bond is £500,000 provided that the total savings held (in this and any other accounts you hold with us) do not exceed £2,000,000, in which case £2,000,000 will be the maximum limit of the aggregate of investment. If monies are credited to the account in excess of the permitted maximum we reserve the right to refund the excess monies to you.
  3. You may make deposits into Autumn Fixed Rate Bond until we decide (in our absolute discretion) to withdraw from offering the Autumn Fixed Rate Bond you have selected, to new savers and also on and after the last day of the fixed rate period.  

3. Interest
  1. The interest rate that will apply to your account will be at the fixed rate and for the fixed period you have chosen from the savings options we have offered you at the commencement of the fixed rate term.
    If you have selected to receive annual interest, annual interest will first be payable on the date as specified within the terms of our fixed rate offer. Thereafter interest will be payable on each anniversary of the date specified.
    If you have elected to receive monthly interest, monthly interest will first be payable at the end of the month in which the account is opened and then at the end of each subsequent month. (Monthly interest is calculated by reference to the actual days in the month).
  2. Interest will be calculated 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 second working day following the day of receipt. (‘Working day’ means any day other than Saturday, Sunday, bank or public holidays).
  3. Interest can be either:
    1. added to the account or
    2. transferred to another Chelsea account or
    3. transferred to your nominated bank or building society account.
  4. At the end of the fixed rate term, the funds in the account will be

    • transferred to our Branch Instant account* or
    • if we are able to offer you a further fixed rate, rolled over into the new fixed rate offered on the terms we have offered.
  5. If we are able to offer you a further fixed rate, we will write to tell you, at least seven days in advance, of the further fixed rate of interest that we can offer, the duration of the fixed rate and any restrictions (or other terms) that apply. If we exercise our right to grant you a further fixed rate then for 30 days after your current fixed rate expires and before our new offer of a further fixed rate takes effect, we will permit you to make further deposits into your acount and/or make withdrawals without penalty. If we have offered you a further fixed rate then, on expiry of your current fixed rate and subsequent to expiry of any notice period we have given you as to the introduction of a further fixed rate, the funds you have saved in this account will be rolled over into the new fixed rate on the terms we have offered.
  6. By opening this account, you consent to the rollover of the funds into the new fixed rate on the terms we offer. If you do not want your funds rolled over into the new fixed rate, then you must tell us when we write to you as in accordance with Condition 3.5. We will then transfer the funds to our Branch Instant account.

4. Withdrawals
  1. During the Fixed Rate period, on all withdrawals a penalty equivalent to 180 days’ interest will be applied. If the penalty exceeds the total interest earned in the relevant period, the penalty will be deducted from the account balance.
  2. After the Fixed Rate period, immediate penalty free withdrawals may be made.
  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. The passbook must be presented to us whenever a withdrawal request is made.
  5. We reserve the right to impose a daily limit on cash withdrawals. Our current limit for daily cash withdrawal is £500. We also reserve the right to decline to pay larger cash withdrawals sums whether or not you give notice of withdrawal.
  6. Before any withdrawal is made you must, if we ask, provide additional means of identification to satisfy our security requirements.
  7. For the purposes of this account, the restrictions set out above apply equally to transfers from the account. (This restriction also applies to transfers from this account to any other Chelsea account you may hold with us).

Appendix 1

* The terms that apply to our Branch Instant account, which is a variable instant access account, are set out below.

Branch Instant account terms and conditions

  1. General

    1. The terms and conditions that apply to the Chelsea Branch Instant are these product terms and our standard investment account terms (‘standard terms’). If there is any conflict between the product terms and the standard terms then the product terms apply.
    2. Funds saved into this account are shares of Chelsea and your rights and obligations as a member are as set out in our rules.
  2. Deposit (minimum and maximum limits)

    1. The minimum opening sum that you must save and maintain is £1
    2. The maximum limit each saver may make into Chelsea Branch Instant is £500,000 provided that the total savings held (in this and any other accounts you hold with us) do not exceed £2,000,000, in which case £2,000,000 will be the maximum limit of the aggregate of investment.
  3. Interest

    1. Interest will only be earned for the period the account balance is at or above the minimum required of £1.
    2. The interest rate is variable and we can change the interest rate if any of the circumstances set out in our standard terms, permitting us to vary the interest rate, occurs. We will notify you of any interest rate variation in accordance with our standard terms.
    3. If you have selected to receive interest annually then annual interest will be paid on 1 November each year.
    4. If you have elected to receive interest monthly then interest will first be paid on the last day of the month in which your account is opened and then subsequently at the close of each following month. Monthly interest will be calculated by reference to the actual days in the month. The gross interest rate for the monthly interest option will be calculated at a rate which if added to the account each month would produce a rate so near as may be equivalent to the gross annual rate.
    5. We reserve the right to change the account terms to introduce a tiered interest rate structure, 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/or 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. We will exercise our rights in accordance with the provisions set out in the standard terms.
    6. Interest will be calculated 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 second working day following the day of receipt. (‘Working day’ means any day other than Saturday, Sunday, bank or public holidays).
    7. Interest can be either:

      1. added to the account or
      2. transferred to another account or
      3. transferred to your nominated bank or building society account.
  4. Withdrawals

    1. Withdrawals can be made without any prior notice, except that any withdrawal must not exceed the daily cash limit we set as in accordance with Condition 4 (d).
    2. 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.
    3. The passbook must be presented to us whenever a withdrawal request is made.
    4. We reserve the right to impose a daily limit on cash withdrawals. Our current limit for daily cash withdrawal is £500. We also reserve the right to decline to pay larger cash withdrawal sums whether or not you give notice of withdrawal.
    5. Before any withdrawal is made you must, if we ask, provide additional means of identification to satisfy our security requirements.
    6. For the purposes of this account, the restrictions set out above apply equally to transfers from the account. (This restriction also applies to transfers from this account to any other Chelsea account you may hold with us).
  5. Regular transfer facility

    1. Withdrawals may be made from the account using the regular transfer facility provided that there are sufficient cleared funds in your account. (‘Regular transfer facility’ means a written instruction to make payments on a periodic basis to another account you hold with us).
    2. If you wish to set up, cancel or amend a regular transfer facility instruction then you must give at least seven days’ prior notice. Notice must be given in writing. (‘Written instruction’ means original written instructions.)