|Minimum balance in the account||% Tax free(2)||%AER(1)|
Interest is calculated on a daily basis and paid into this account on the 5th April each year and at maturity.
Please refer to section 7 of the Savings Account General Terms and Conditions for details 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
Interest Rate Definitions
This interest rate is fixed until 29.06.2025 meaning we cannot change the interest rate during this fixed term period. After this date your account reverts to the Chorley Cash ISA account with a variable rate of interest.
The terms of the Chorley Cash ISA are available in branch or at www.chorleybs.co.uk/savings
Based on the current rate of interest, if you opened this account on the 30th June 2022 and deposited £1,000 after 36 months on 29th June 2025 your estimated balance would be £1070.70.
This projection is for illustrative purposes only and does not take into account your individual circumstances. The projection is based on no additional deposits, withdrawals or changes in interest rate within the 36 month period.
• The account can only be held in a single name and not held on behalf of a person other than the investor.
• Available to eligible UK residents over the age of 16 only who:
• Are resident in the United Kingdom or, if not resident, be performing duties as Crown employee serving overseas and paid out of the public revenue of the United Kingdom (typically a serving member of the armed forces, or a diplomat), or be married to, or in a civil partnership with, such a person; and
• Have not exceeded the overall ISA subscription limit.
• One initial deposit is allowed from 2022/2023 tax year allowance plus transfers in from previous subscriptions.
• No additional deposits allowed.
• To open an account you will need to apply online, in branch or by post and let us have;
– a fully completed Cash ISA Account application form;
– at least the minimum deposit of £1,000; and
– proof of your identity, address and residency
Funds for applications must be received within 7 days of account opening.
• The ISA subscription limit from 6 April 2022 to 5 April 2023 is £20,000 and this allowance can be split between a cash ISA, a stocks and shares ISA, an Innovative Finance ISA, a lifetime ISA and a Help to buy ISA, subject to eligibility. Once the amount deposited in any tax year reaches the maximum annual investment limit no further deposits are allowed until the following tax year. Please note the Society only offers cash ISA products.
• Transfer Out – This Cash ISA can be transferred into another provider’s Cash ISA or a Stocks and Shares ISA subject to 240 days loss of interest. We will forward the funds to the new ISA provider within 15 business days of receiving your instruction from them.
• Transfer In – Full and partial transfers-in from other ISA providers are allowed. All transfer in instructions must be received within 7 days of account opening. On receipt of a transfer instruction from you we will forward it to your existing ISA provider, together with a confirmation that we will accept the transfer, within 15 business days of the date of receipt. Current year subscriptions must be transferred in full and previous years subscriptions can be full or partial transfers. Once we receive the funds and transfer information, we will credit the funds to the Cash ISA account within 3 business days of the date of the receipt. Interest will be earned from the day after the funds are credited.
• Transfers in from other Chorley Building Society Accounts are permitted including Cash ISAs.
• Under current ISA regulations it can take up to 15 business days to complete the ISA transfer request.
• This product can be opened and managed in branch, by post, and via Chorley Online where you are able to view transactions, check your balance and check your interest rates. Please refer to the Society’s Savings Accounts General Terms and Conditions.
• This is a limited issue and the Society reserves the right to withdraw this product without notice at any time. Please note if this product is withdrawn by the Society you will not be allowed to deposit any further amounts into this account.
You may withdraw by cash, cheque or CHAPs* (*subject to a £25 fee) and transfers out to other ISA providers can be made. All withdrawals will be subject to 240 days loss of interest on the amount withdrawn.
Cheques requested by post for withdrawals or closures will be issued within 48 hours of receipt and posted 1st class to the account holder.
Withdrawal conditions apply; please refer to section 9 of the Savings Account General Terms and Conditions for further details.
Our Fixed Rate Cash ISA is not a ‘Flexible ISA’. This means that all your deposits within the tax year count towards your ISA allowance, regardless of whether or not you make any withdrawals.
Operation in accordance with ISA Regulations
The operation of the account is subject to the applicable provisions of the ISA Regulations. The Society will notify you if, by reason of any failure to satisfy the ISA Regulations, the ISA has, or will, become void.
The Society will satisfy itself that any person to whom it delegates any of its functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.
If you are found to have breached the ISA rules governing subscription limits or the number of Cash ISAs which may be opened in any one year, or your application is incorrect, your Cash ISA will cease to be exempt from tax and any interest earned in that year will be subject to tax.
Please note that the ISA investments will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.
Death of the Account Holder
In the event of your death no further investments will be allowed in your account. However, tax benefits of the ISA can continue until the earlier of;
• Administration of the deceased’s estate is complete
• The ISA is closed
• 3 years after the date of death
You must notify the Society if you cease to be resident in the UK or if not resident, cease to perform duties as a Crown employee serving overseas or to be married to, or in a civil partnership with a person who performs such duties which allows you to subscribe to a Cash ISA. The Cash ISA will continue to be exempt from UK tax but no further subscriptions can be made until you meet the residency requirements again.
Changing your mind
In respect of this Fixed Rate Cash ISA, 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 Fixed Rate Cash ISA please send written notification of your cancellation to us at Head Office, Key House, Foxhole Road, Chorley, PR7 1NZ.
What to do if you’re not satisfied
If you are not satisfied with our services we operate an internal complaints procedure. A copy of this procedure is available online at www.chorleybs.co.uk or you can ask in any of our branches for details of this procedure. If we cannot settle your complaint you may refer your concerns to the Financial Ombudsman Service.
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
For all ISA transfer requests into Chorley Building Society please also complete an ISA transfer form
If applying by post, please ensure you print and sign before returning your application to the following address:
Savings & Investment Department
Chorley Building Society
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.