Rainy Day Savings (3rd Issue) terms and conditions

1. The terms and conditions that apply to Chelsea Rainy Day Savings (3rd Issue) are these product terms and our standard investment account terms and conditions (‘standard terms’). If there is any conflict between the product terms and our standard terms then these product terms apply.
2. Funds saved in this account are shares of Chelsea Building Society and your rights and obligations as a member are as set out in our Rules.
3. The account and account facilities are only available to savers who use the account exclusively for ‘non business’ purposes.
4. Either single or joint accounts (maximum of two people) may be opened. However only one Rainy Day Savings (3rd Issue) account may be opened per individual.
5. We reserve the right to decline requests to transfer funds from one account to another.

2. Deposit (minimum and maximum limits)

1. The minimum opening sum that you must deposit and maintain is £10. (If the balance falls below the minimum, no interest will be earned for the period from that date until it is restored to £10.)
2. The maximum balance each saver may hold in Chelsea Rainy Day Savings (3rd Issue) 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 savings of the aggregate of savings.
3. We reserve the right, after giving you prior written notice, to decline to accept any further deposits into Rainy Day Savings (3rd Issue).

1. If you have elected to receive interest annually interest will first be payable on 1 May 2009 and then annually on each anniversary of that date.
2. If you have elected to receive interest monthly then interest is first payable 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 and the amount will therefore vary from month to month.
3. Interest will only be earned for the period the account balance is at or above the minimum required balance of £10.
4. 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 holiday.)
5. Interest can be either:
   • added to the account or
   • transferred to another Chelsea account or
   • transferred to your nominated bank account.
6. Interest, if added to the account balance, will not be subject to the maximum account balance limit specified in Condition 2.2.
7. Interest transferred will not be subject to the £10 administration fee for withdrawals specified in Condition 4.2.
8. 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 or introduce a tiered interest rate structure. We will exercise our rights under this condition in accordance with the provision set out in our standard terms.
9. The interest rate is variable and we can change the interest rate if any of the circumstances permitting a variation of interest rates occur as set out in our standard terms. We will notify you of any interest rate variation in accordance with our standard terms.
   
   For the first 12 months from the date you first open the account, we guarantee that the gross variable annual interest rate will be at least the same as the Bank of England Base Rate. (For the purpose of our guarantee, if the Bank of England makes a change to its Base Rate which results in the rate on this account in the first 12 months being less than that which we have guaranteed, we will have a period of 30 days from the date of the announcement of the change to vary the rate on this account to meet the terms of our guarantee). If the Bank of England Base Rate ceases to exist during the guarantee period and no rate is established in substitution by the Monetary Policy Committee or other equivalent body the government may appoint then we shall give you notice that the terms of the rate guarantee cannot continue to be applied and we shall be released from our obligation in respect of the guaranteed rate and we shall permit withdrawals to be notice/penalty free.

1. Withdrawals made via cheques drawn in favour of the account holder (unless the circumstances in Condition 4.8 apply) or via transfers to another Chelsea account that you hold with us. The minimum sum that may be withdrawn, other than to close the account, is £200.
2. For the first year from the date the account is opened all withdrawals (including closures) will be subject to a £10 administration fee, except withdrawals (limited to a maximum of five) up to an aggregate total value of £1,000. The fee, where charged, will be debited to your account and your acceptance of these terms is our irrevocable authority to debit the account with this fee. No further notice of the imposition of this fee will be given, other than the pre-notification in these terms.
3. After the first year the restriction in Condition 4.1 as to the minimum sum that may be withdrawn and the restriction in Condition 4.2 shall cease to apply and withdrawals may be made without restriction and without levy of any fee.
4. 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 previous six working days. (‘Working day’ means any day other than Saturday, Sunday, bank or public holiday.)
5. The passbook must accompany any withdrawal request.
6. Prior to your making a withdrawal we may require proof of your identity.
7. We reserve the right to impose financial limits as to the amount which may be withdrawn. Our current ‘on demand’ cash withdrawal limit is £500 per saver and £5,000 per cheque. We reserve the right to decline to pay larger sums for withdrawal in cash whether or not notice of withdrawal is given.
8. In the event of the death of the sole or sole remaining joint saver (other than a nominee or trustee) the balance and accrued interest will be available to the deceased´s personal representatives without fee upon provision of the necessary documentation.
9. The Conditions in 4.1 – 4.8 above apply equally to transfers from this account to any other Chelsea account you may hold with us.