Ready Steady Save terms and conditions

1. Your account in general
  1. The terms and conditions for Chelsea Ready Steady Save are in two parts:
  2. Opening this account means you will become a member of Chelsea Building Society (the money you put into the account are shares of Chelsea). However, until you reach 18 years old your membership will be limited, which means that you will not be able to vote at general meetings, and you will not be told about these meetings.
  3. You can only open this account if you are under 16.
  4. If you are aged between 10 and 15 and would like to open an account in your own name, the account must be opened at one of our branches. An account may be opened by post on your behalf, by a parent/guardian(s).
  5. If you are under the age of 10, the account can only be opened either at any of our branches or by postal application.
  6. Only one account may be opened by you or on your behalf.
  7. You can put money in or take money out of your account either at one of our branches in person or by post.
2. Your savings limits
  1. You will need at least £1 to open this account.
  2. The most you can save in this account is £20,000.
3. Earning interest on your savings
  1. The interest rate on this account is not fixed, and can go up or down. The reasons why we would change your interest rate, and the ways we would tell you, are listed in the standard investment account terms and conditions.
  2. Interest is paid once a year on 1 December.
  3. The interest you earn will be added to the savings in your account.
    • you will earn interest on it from the 'working day' after the money goes into your account until the day you take it out.
  4. If you pay a cheque into your account:
    • you will earn interest on it from the second 'working day' after the cheque goes into your account until the day you take it out.
4. Taking money out of your account
  1. You can take money out of your account in cash or by cheque. The most you can take out of your account each day in cash is £500.
  2. If you pay a cheque into your account, you can take some or all of this money out after 6 'working days'.
  3. Whenever you take money out of your account:
    • you need to produce your passbook and
    • we may ask you for extra proof that you are the account holder
'Working day' means any day other than Saturday, Sunday, bank or public holiday.