- How do I open and manage my account?
This product can be 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 and Chorley Online Terms and Conditions.
Please note the Society only offers Cash ISA products.
Eligibility Criteria
- Only one Fixed Rate Cash ISA (fixed until 28.02.2027) is permitted per customer.
- 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 18 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.
New ISA rules apply from the 6 April 2024. If, at the 5 April 2024, you are aged 16 or 17 please refer to our ISA FAQs which explain the new rules which can be found https://www.chorleybs.co.uk/isa_faq/ Our Savers Team can also help with queries.
- To open an account, you need to apply in branch, by post or online and let us have;
- a fully completed Cash ISA Account application form;
- at least the minimum deposit of £1,000; and
- proof of identity, address and residency
- funds must be received within 15 calendar days for accounts opened via Chorley Online. If no funds are received the account will be closed.
- The ISA subscription limit from 6 April 2024 to 5 April 2025 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. You are permitted to hold more than one ISA of the same type (except for Lifetime ISAs), within the same tax year, providing the total amount across all accounts remains within your overall subscription limit. Once the amount deposited in any tax year reaches the maximum annual investment limit no further deposits are allowed until the following tax year.
- You remain responsible for managing your overall subscription limits, meaning you must ensure that collectively the total subscriptions remain within the overall ISA limit for the tax year. If you require further information, please refer to our ISA FAQs which explain the new rules https://www.chorleybs.co.uk/isa_faq/ or speak to our Branch Advisors.
- Transfer Out – This Cash ISA can be transferred into another provider’s Cash ISA or a Stocks and Shares ISA subject to 180 days loss of interest. We will forward the funds to the new ISA provider within 15 business days of receiving your instruction from them.
- If transferring this account to another Chorley Building Society account with a longer notice period, no notice is required, but a penalty equal to 180 days loss of interest is charged.
- One additional payment from the current tax year allowance can be made into the account. This can be transferred from an existing provider or another Chorley Building Society Account subject to account specific terms and conditions. Please note that further payments in subsequent tax years are not permitted.
- 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.
- We will contact you at least 14 days prior to the end of the fixed rate term to advise you of your options for maturing funds. This will be by email if we hold an up-to-date email address for you, or via the post.
Can I withdraw money from 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. You can also request an online payment to a nominated bank account or to any of your Chorley accounts, providing these are in your own or joint names. Cheques requested by post or online for withdrawals or closures will be issued within 48 hours of receipt and posted 1st class to the account holder.
- You may withdraw the annual interest once this has been credited to your account. This withdrawal will not incur a penalty or reduce the number of withdrawals available to you depending on the product you hold.
- All withdrawals of capital during the product term, will be subject to 180 days loss of interest on the amount withdrawn.
- 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.
Please note if a capital withdrawal or transfer is made from this product within 180 days of a new tax year then the interest penalty will be deducted from your capital balance.
Withdrawal conditions apply; please refer to section 9 of the Savings Account General Terms and Conditions for further details.