What is the interest rate?
Interest will be paid one month after your initial deposit into your Account and on that day in every month after that.
Interest is calculated daily at the interest rate for the balance in the Account at the end of that day. As long as you have £5,000 or more in the Account you will receive the variable interest rate for the whole balance in your Account.
You can choose to have your interest paid into your 120 Day Notice - Issue 18 Account, another Charter Savings Bank account held by you (subject to the specific conditions of that account) or your Nominated Account.
Can Charter Savings Bank change the interest rate?
Yes, the interest rate is variable for balances of £5,000 and over but fixed for balances below £5,000.
This means that we can vary the interest rate for balances of £5,000
and over for any of the reasons set out in section 20 of the General Savings Conditions (for example to reflect a change in Bank of England
Base Rate, a change to our costs, to reflect market conditions or for any other reason at our discretion if we are increasing the interest rate or relying on condition 20.3).
- If we increase the interest rate, because this is to your advantage, it can be made at any time and we will notify you at the earliest opportunity afterwards on our website.
- If we decrease the interest rate we will give you at least 14 days’ notice of the reduction by post, email or secure message.
What would the estimated balance be after 12 months based on a £5,000 deposit?
Balance after 12 months
The above examples are for illustrative purposes only, they do not take account of your individual circumstances and make the following assumptions:
- your initial deposit is paid into the Account by Electronic Transfer when it is opened
- no further deposits and no withdrawals are made during the 12 month period
- the interest rate doesn’t vary during the 12 month period
- the period does not cover a leap year
- each month lasts 30.416 days (365 days divided by 12 months)
- interest is credited to the Account
How do I open and manage my account?
- You must be aged 18 or over and reside in the UK. The Account cannot be used by clubs or charities or held in trust for anyone else.
- You can apply for an Online Account through our website, at chartersavingsbank.co.uk
If you wish to apply for a Postal Account you can either:
- choose the Postal Account option when applying through our website; or
- call us on 0800 032 9999 for an application pack.
- Minimum deposit of £5,000, maximum account balance of £1,000,000. Once the Account is opened you can make deposits using your Nominated Account up to the maximum account balance of £1,000,000 at any time.
Deposits into the Account must be from your Nominated Account.
- Online accounts - You can do this by Electronic Transfer or by cheque if it’s an initial deposit.
- Postal accounts - You can do this by Electronic Transfer or by completing and returning a deposit form together with a cheque.
If you would like to get in contact with us please:
- call us on 0800 032 9999 (or +44 330 123 1111 if calling from outside of the UK).
- email us at: [email protected].
- for Online Accounts use the secure messaging service by logging in to our online banking service at chartersavingsbank.co.uk.
- for Postal Accounts you can write to us at Charter Savings Bank, PO Box 855, Wallsend, NE28 5BL quoting your Account Number and including your signature.
Can I withdraw money?
You must give us 120 days’ notice before you can make a withdrawal. You can make a withdrawal from your 120 Day Notice Account in the following ways:
- Online Accounts - Log in to our Online banking service to request your withdrawal.
- Postal Accounts - You can make a withdrawal by completing and returning a withdrawal form or by writing to us using the address above quoting your account number and including your signature.
Withdrawals can only be made to your Nominated Account or another Charter Savings Bank account in your name (subject to the conditions of the chosen account).
- For Postal Accounts applied for through our website you must complete and return to us a signature form within 30 days of the day you apply for your 120 Day Notice Account.
- We reserve the right to withdraw this product from sale at any time
How interest on your savings is taxed:
- We do not deduct tax from the interest we pay. It’s your responsibility to ensure that any tax is paid; the way interest is taxed depends upon individual circumstances and may change in the future.
- 1GROSS. The interest that you earn on money in your Account before income tax is deducted.
- 2AER. This stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- The definitions section of our General Savings Conditions define what Nominated Account and Electronic Transfer mean.
Please read this Summary Box in conjunction with the Specific Conditions contained in the Key Features & Summary Box document above, our General Savings Conditions and Tariff of Fees. These together with your Application Form make up our agreement with you.