Young Chorleian Issue 2

Summary Box

Balance in the account % Gross(2) %AERs(1)
£1 – £500,000 0.55 0.55

Interest is calculated on a daily basis and paid annually on 31st December.

Please refer to section 7 of the Savings Account General Terms and Conditions for further information on this.

The annual interest will be paid directly into this account with the Society.

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

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 reduce the interest rate and you have at least £100 in your account, we will give you 14 days notification prior to the change and you will have a period of 30 days from the date of the notification to switch or close your account.  The terms of the Young Chorleian Issue 2 are available in branch or at www.chorleybs.co.uk/savings

Please refer to section 7 of the Savings Account General Terms and Conditions for further information on how and why we may change the interest rate.

Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,005.50.

This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rate within the 12 month period.

  • Available to eligible UK residents up to the age of 21 only
  • Account holders under the age of 7 years must have their account operated for them by an adult aged over 18 who will be called the ‘Young Savers Account Operator’. At the age of 7 years, an account holder can operate the account.
  • To open an account you will need to apply in branch or by post and let us have;
    • a fully completed Share Account application form;
    • at least the minimum deposit of £1 ; and
    • proof of identity, address and  residency for the account holder and where applicable the account operator
  • The maximum deposit and total balances across all accounts held allowed is £500,000
  • This is a limited issue and the Society reserves the right to withdraw this product without notice at any If this product is closed no further deposits will be allowed into this account.
  • The Society’s products can be opened and managed in branch or by post, please refer to the Society’s Savings Accounts General Terms and Conditions.

This is an easy access account and you may withdraw by cash, cheque or CHAPs* (*subject to a £25 fee). Withdrawal conditions apply; please refer to section 9 of the Savings Account General Terms and Conditions for further details.

The account will mature on the account holder’s 21st birthday (or the next working day if this falls on a Saturday, Sunday or Bank Holiday). If you take no action on maturity the balance will be automatically transferred into an easy access Chorleian Account within the Society bearing the account holder’s name. We will contact you at least 14 days prior to maturity to advise you of the options available at that time. On maturity you may withdraw by cash, cheque or CHAPs* (*subject to a £25 fee). Cheques will be issued within 48 hours of maturity and posted 1st class to the account holder.

The terms of the easy access Chorleian Account are available in branch or at www.chorleybs.co.uk

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

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

All applicants must sign and return the application form.

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

Please return your application to the following address:

Savings & Investment Department
Chorley Building Society
Key House
Foxhole Road
Chorley
Lancashire
PR7 1NZ

Got an Enquiry? 01257 235003
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