Savings Comparison
For when choosing the right account gets too tough.
Offset savings account
An Offset savings account is an instant access savings account linked to an Offset mortgage account. It is important to note that you need to have an Offset mortgage if you want an Offset savings account.
- Instant access to your money
- No interest is earned on your savings but mortgage interest is only charged on the difference between your Offset mortgage balance and your Offset savings balance(s)
- Have up to 3 savings accounts
- Open your account with a nil balance
- Maximum balance allowed in your Offset savings account is 100% of your Offset mortgage balance
- Make bill payments using direct debits and standing orders
- Manage your account online
- LINK ATM card issued
More Details
1. Interest
No interest is earned on your savings but mortgage interest is only charged on the difference between your Offset mortgage balance and your Offset savings balance(s).
2. Up to 3 savings accounts
You can have a maximum of 3 Offset savings accounts linked to your Offset mortgage. For example, you may want to keep certain savings separate, i.e. money for school or university fees separate from your day to day funds. Using more than one account makes this easy but allows you to benefit from the combined balances in these accounts offsetting your mortgage balance.
3. Opening balance
You can open your account with a nil balance - but the more you pay in, the less interest you will be charged on your Offset mortgage.
4. Maximum balance
The maximum balance allowed in your Offset savings account(s) is 100% of your Offset mortgage balance. If your savings balance exceeds this level, you will not receive any benefit from the surplus savings balance.
5. Accessing your money
From our Chelsea branches you can withdraw cash up to £1,000 on any one day or up to £5,000 by giving a few days' notice, subject to a maximum amount of £5,000 in any seven day period. You can withdraw an unlimited amount by cheque without notice. Proof of identity may be required when making withdrawals.
Your LINK card will also give you 24 hour access to your money.
Please note, that withdrawing money from your Offset savings account will reduce the interest benefit that your Offset mortgage will get from those savings.
6. Online services
You have the option to manage your account online. For example, you can check your balance and transfer money to another account. To find out more about what you can do online, view the demonstration.
7. Paying money in
You can pay money in to your Offset savings account over the counter at any Chelsea branch.
8. Bill Payments
You can arrange to set up direct debits and standing orders from your Offset savings account(s).
9. LINK card
You will receive a LINK card within 5 days of opening your Offset savings account(s). Your LINK card will allow you to draw up to £250 per day from any LINK machine. No passbook is issued with the Offset savings account.
Summary box
| Summary Box Key Product Information for our Savings Account |
|
|---|---|
| Account Name | Offset savings account |
| Interest rates (AERs) | No interest is earned |
| Tax Status | N/A |
| Conditions for bonus payment | N/A |
| Withdrawal arrangements | Unlimited withdrawals* |
| Access | Branch, ATM or Online |
* Subject to operational limits.
Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.
More information
- Please read our Complaints Process and important legal and regulatory information.
- Our security promise
How to apply for an Offset savings account
When you complete an Offset mortgage application form you will be asked to indicate how many Offset savings accounts you require and the names on the accounts. You can have up to 3 Offset savings accounts linked to your mortgage and all the names on the Offset savings accounts must be the same as on the Offset mortgage account.
A pre-completed Offset savings application form for each account will be sent out with your mortgage offer. You will need to sign and return this application form to us before your mortgage completion date. This will enable us to open your Offset savings account(s) at the same time as your mortgage completes.
Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in theFinancial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.
References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.
Buy to Let mortgages are not regulated by the Financial Conduct Authority
This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.
*Calls to 0800 numbers are free of charge from a landline or mobile. Calls to 03 numbers are charged at the same standard network rate as 01 or 02 landline numbers, even when calling from a mobile.
Get in touch with us:
- Call us:
http://www.thechelsea.co.uk/contact/index.html - Find a branch:
http://www.thechelsea.co.uk/contact/branch_finder.html - Manage your accounts online:
http://www.thechelsea.co.uk/security/online_help.html
