120 Day Notice Account

Summary Box

Minimum balance in the account % Gross(2) %AERs(1)
£1+ 4.45%

(4.35% with effect from 22.10.2024)


(4.35% with effect from 22.10.2024)

Interest is calculated on a daily basis and paid annually on 30th June. The annual interest will be paid directly into this account with the Society.

Please refer to section 7 of the Savings Accounts General Terms and Conditions for further information on how we calculate interest.

Details of our full range of products and current interest rates are available on request at our branches, by telephone 01257 235003 or from our website www.chorleybs.co.uk/savings

Interest Rate Definitions

  1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to the account once each year.
  2. Gross – The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

This account has a variable rate of interest and is subject to change; this means we may increase or decrease interest rates at any time. If we make a material reduction to the interest rate, the reduced rate will be applied to the account after 14 days plus the account notice period (or 30 days if longer than the notice period) During this time, the notice period for making withdrawals from your account (or closing your account) will continue to apply. Please refer to section 7 of the Savings Account General Terms and Conditions for further information on how and why we might change the interest rate.

Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months your estimated balance would be £1,043.50.

This projection is for illustration purposes only and does not take into account your individual circumstances. The projection is based on no additional deposits, withdrawals or changes in the interest rate within the 12 month period.

This product can be opened or managed in branch, by post, and via Chorley Online. Please refer to the Society’s Savings Accounts General Terms and Conditions and Chorley Online Terms and Conditions.


    Eligibility Criteria

  • Available to eligible UK residents aged 18 years old or above.
  • The account can be held on your own or jointly with someone else.
  • Only one 120 Day Notice Account is permitted per customer.
  • To open an account you will need to apply in branch, by post or online and let us have;
  • a fully completed Share Application Form ;
  • at least the minimum deposit of £1; and
  • proof of your identity and address
  • funds within 15 calendar days for accounts opened via Chorley Online. If no funds are received the account will be closed.
  • The maximum balance is £500,000 and the overall maximum holding by any one person in respect of all savings accounts with the Society is £500,000.
  • Transfers in from other Chorley Building Society Accounts are permitted. Transfers in from Notice Accounts conditions apply.

This is a limited issue and the Society reserves the right to withdraw this product without notice at any time.

You may withdraw by cash, cheque or CHAPs* (*subject to a £25 fee) subject to 120 days written notification being received by the Society. Please read the following conditions regarding withdrawals:

  • No withdrawals or closures are permitted unless notice is given. Notice instructions can be made by website form, telephone, post, branch or Chorley Online.
  • A penalty cannot be paid in lieu of 120 days’ notice being given.
  • All withdrawals or closures are subject to 120 days written notice. Withdrawal request must include the amount you wish to withdraw.
  • You can request an online withdrawal. This must be to a nominated bank account or to any of your Chorley accounts, providing these are in your own or joint names. The notice period of 120 days will automatically be applied to online payment requests.
  • Once the notice period expires, you can withdraw an amount equal to or less than the amount specified in the instruction.
  • Only one notice period can be requested at any one time and the notice period cannot be carried forward. If you do not withdraw the funds within 7 days of the notice expiring, you must make a new withdrawal request.
  • Recurring notifications of notice will not be accepted by the Society.
  • If transferring this account to another Chorley Building Society account with a longer notice period, no notice is required, and no penalty is charged.
  • If transferring this account to another Chorley Building Society account with a shorter notice period 120 days’ notice must be given.
  • Cheques requested by post or online for withdrawals or closures will automatically be issued within 48 hours of the notice period end and posted 1st class to the account holder.

Withdrawal conditions apply; please refer to section 9 of the Savings Account General Terms and Conditions and section 7 of the Chorley Online Terms and Conditions for further details.

Whether you need to pay tax is dependent on your own personal circumstances and may be subject to change in the future. Interest is paid gross on all our savings accounts – except ISAs where it is paid tax-free. For more information on Tax Allowances please call HMRC on 0300 200 3300 or visit https://www.gov.uk/apply-tax-free-interest-on-savings

Changing your mind

In respect of this 120 Day Notice Account product, in order to protect your interests, we offer you a 14 day cooling off period from the date you open your account in which you can change your mind. If you cancel an account within the above period we will help you to either switch to another of our accounts or we will refund your money to you within 30 days of your notification of cancellation together with any interest that has been earned. Should you change your mind about this 120 day notice product please send written notification of your cancellation to us at Head Office, Key House, Foxhole Road, Chorley, PR7 1NZ.

Before applying for any of the above accounts please ensure you read the following:

Please also refer to our Identification Criteria in case we need to request more information from you

If applying by post, please ensure you print and sign before returning your application to the following address:

Savings & Investment Department
Chorley Building Society
Key House
Foxhole Road

Got an Enquiry? 01257 235003
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The Society will collect your email address as an alternative means of communication if we cannot reach you via telephone. This data will not be used for any other purpose.