Standard terms & conditions

The savings contract between us consists of these standard terms and conditions (the 'standard terms') and the terms and conditions that apply to the particular account you have chosen (the 'product terms'). In the event of any conflict between the standard terms and the product terms, the product terms will apply. You can request a copy of either of these terms at any time free of charge.

We will, unless we tell you otherwise in conditions 3.5 and 6.6, tell you about changes to your account by general notice in our branches and office and on our website, together with advertisements in two or more national newspapers of our choice.

Subject to any special conditions relating to interest rate changes which cover a particular account we can change the rate of interest paid on your savings as follows:

1. We may at any time change the rate of interest to be paid on your savings if we reasonably believe the change is needed for any one or more of the following reasons (which may relate to circumstances existing at the time or which we reasonably expect to apply in the near future):
   1. To respond to, in a proportionate manner, changes in the Bank of England Repo Rate (Bank Rate) or changes generally in interest rates offered by our competitors in the consumer savings market
   2. To enable us to maintain the competitiveness of interest rates charged to borrowers from us, while having regard to the interests of our consumer savers, in the interests of our business as a whole
   3. To respond to, in a proportionate manner, any increase or reduction in costs reasonably incurred by us in operating our consumer savings products
   4. If it is necessary to maintain our financial strength in the interests of all our consumer customers
   5. To enable us to harmonise, in a reasonable manner, the interest rates being paid to our consumer savers following any acquisition of savings or savings accounts or any takeover of, or merger with, another savings provider
   6. To respond to, in a proportionate manner, changes in the law or interpretation of the law, decisions or recommendations of an ombudsman, regulator or similar person, or any code of practice with which we intend to comply.
2. We can also change the rate of interest for any valid reason (other than a valid reason mentioned in 3.1) where we reasonably believe the change is appropriate.
3. How and when we will tell you about changes to the interest rate depends on whether your account is a Payment Account for the purposes of the Payment Services Regulations 2009 or not. The product terms for the account specify whether you have a Payment Account or not.
4. [Where your account is a Payment Account for the purposes of the Payment Services Regulations 2009 this clause will apply.] We will give you at least two months' notice by letter, email or other personal notice before we make any disadvantageous change to your interest rate unless the interest rate tracks a reference rate. If we give you notice of a change under this provision you will be bound by the change unless you tell us otherwise before it takes effect. You may close your account without notice or loss of interest at any time before the change takes effect. If you notify us that you do not accept the change we will take this as notification that you wish to close your account. If the change to the interest rate is to your advantage or, where the interest rate tracks a reference rate, is due to a movement in the reference rate we may make it immediately and we will tell you about the change to your interest rate as stated in Condition 2.
5. [Where your account is one which is not a Payment Account this condition will apply.] If we make a material reduction to the rate on your account we will give you notice by letter, email or other personal notice in good time before the change. We will also give you personal notice if we are required to do so by our regulator or similar body.
6. If the change is not material, or we are increasing the rate, or we are permitted by our regulator or another similar body we will make the change immediately and tell you in accordance with Condition 2.

1. If the terms of the particular savings account permit cash withdrawals or deposits we may, for security reasons, impose limits on the amount which may be withdrawn or deposited. Presently the limit for daily branch withdrawals are:
   • Cash - £1,000 on any one day or up to £5,000 by giving a few days' notice
   • A maximum amount of £5,000 cash in any seven-day period
   • Cheques - £150,000 on any one day - higher amounts may take an extra day to process
   Such limits may be varied by notice from time to time.
2. When you pay money into your account, other than by cheque, you will start earning interest from the day we receive it, up to and including the date of withdrawal. If you pay in a cheque you will start earning interest from the second working day following the day we credit it to your account, up to and including the day of withdrawal. (Working day means any day other than Saturday, Sunday, bank or public holiday.)
3. If you switch to a different savings account or transfer money between two Chelsea accounts, the interest earned on the date of transfer will be earned on the recipient account only.
4. We can repay to you all or part of your deposit at any time, without giving any reason, after giving you at least two months' notice, except where the deposit has been accepted for a fixed term which has not expired. You can close your account at any time, without giving any reason, after giving any notice required by the conditions applying to the account, except where the deposit has been accepted for a fixed term which has not expired or the product terms otherwise restrict.
5. We can close your account immediately if we have reason to believe that you have been involved in fraud or criminal activity or you behave in a way which is threatening or abusive to our staff. If we exercise our right to close your account under these provisions, we do not have to give you notice nor a reason.

1. We will require your written instructions (unless the terms and conditions of the savings product selected make other provisions) should you wish to do any of the following:
   • Withdraw or transfer funds from your account
   • Vary or cancel payment or transfer instructions
   • Advise us of a change of address.
2. Where you request an electronic payment from your account we will deal with your request promptly. However, the payment may not be debited from your account until the next working day following receipt of your request if it is received on a working day and if not, on the working day after that. The three day clearing cycle, set out in Condition 9.3, will not commence until the working day that the transaction is debited from your account.
3. In the case of any future dated instruction from you to make a payment from your account, you may not cancel an instruction to transfer funds to or from your account after 5pm on the working day before the agreed payment date.
4. Any instruction from you to make an electronic payment from your account which is received after midday on a working day or on a non working day will be deemed received by us on the following working day.

1. In this Condition 6 we describe how we may change these standard terms, and any special conditions applying to particular accounts, other than the rate of interest and charges which are in Conditions 3 and 18.
2. We can make a change at any time. Changes may include the removal of or amendment to conditions or the inclusion of new conditions, and may be made if we reasonably believe that the change is needed for any of the following reasons, (which may relate to circumstances existing at the time or those which we reasonably expect to apply in the near future):
   1. To respond to, in a proportionate manner, changes which we reasonably make to our products or services or the way we provide them
   2. To reflect, in a proportionate manner, changes in technology or general practice in the consumer savings industry
   3. To respond to, in a proportionate manner, changes in the law or the interpretation of the law, decisions or recommendations of an ombudsman, regulator or similar person, or any code of practice with which we intend to comply
   4. To enable us to harmonise in a reasonable manner the products or services concerned following any acquisition of savings or savings accounts or any takeover of, or merger with, another provider of savings or investment accounts
   5. To correct errors
   6. To enable us to maintain our competitiveness, while having regard to the interest for our consumer customers, in the interests of our business as a whole.
3. We can also make a change for any valid reason (other than a valid reason mentioned in Condition 6.2 above where we reasonably believe a change is appropriate).
4. How and when we will tell you about changes to your terms depends on whether your account is a Payment Account for the purposes of the Payment Services Regulations 2009 or not. The product terms for the account will specify which type of account you have.
5. [Where your account is a Payment Account, this Condition 6.5 will apply.] We will give you at least two months' notice by letter, email or other personal notice before we make any changes to your account terms. If we give you notice of a change under this provision you will be bound by the change unless you tell us otherwise before it takes effect. You may close your account without notice or loss of interest at any time before the change takes effect. Where you notify us that you do not accept a change to the terms we will take this as notice that you wish to close your account.
6. If your account is a non Payment Account and the change relates to the provisions of these terms dealing with electronic payments this Condition 6.6 will apply and we will give you two months' notice by letter, email or other personal notice of the change. Where you notify us that you do not accept the change then the change will not apply to you but you will not be able to make electronic payments to or from your account. If we subsequently receive an electronic payment to your account or you request an electronic payment from your account then this will be treated as agreement from you to the change to the terms.
7. [Where your account is not a Payment Account and other than where Condition 6.6 applies, this Condition 6.7 will apply.] If the change is not to your disadvantage we can make it immediately and tell you about it within 30 days of making it. We will tell you about these changes to your terms as stated in Condition 2.
8. If the change is to your disadvantage we will give you at least 30 days' notice by letter, email or other personal notice before making the change. At any time up to 60 days from the date of the notice you may, without having to give us any notice, switch your account or close it without having to pay any extra charges or lose any interest due up to the date of switching/closure.
9. If we accidentally fail to give you notice under this Condition 6 this will not make the change to the account term invalid.

1. An 'account document' means a passbook, card or any similar item, which we designate to be an account document. We will give you an account document, but it will remain our property and must be returned to us whenever we ask, to be brought up to date or for such other purposes as we may reasonably require.
2. You must produce the relevant account document before making a withdrawal unless the terms and conditions of the particular savings product which you choose permit otherwise.
3. You must keep all account documents safe and secure and prevent them from being used by anyone who is not authorised to use them.
4. You must immediately notify us and confirm to us in writing at any branch or at our Head Office if you discover that any account document is missing or that someone has tried to use them. After you have:
   1. Provided such evidence regarding the loss (with written notice of the place or places at which your account has normally been operated), and
   2. Given a declaration to us
   we will transfer the amount in the account in our records to a new account and issue you with a new account document.

We can restrict at any time the amount which can be withdrawn from any account. We will only do this if:

1. We reasonably believe that there may be fraudulent activity or other financial crime affecting the account
2. We are required to do so by any law, regulation or court order
3. We receive notice that you have become bankrupt
4. There is a dispute (which we reasonably believe may be genuine) about the ownership of, or entitlement to, the money in the account
5. Circumstances beyond our reasonable control prevent us from offering a normal service (such as in the event of terrorist threat, computer systems failure or strikes), or
6. Circumstances exist which lead us reasonably to believe our financial stability is under threat (such as where rumours cause actual or potential abnormal levels of cash withdrawals).

In the case of 8.5 and 8.6:

• We will act proportionately to the circumstances in question
• We will take all reasonable steps to ensure that the restrictions are lifted as soon as practical and to minimise the inconvenience to you
• We will take into account the interests of our membership as a whole
• We will, if practical, give advance notice, and
• We may consider exceptions to the restrictions if we are reasonably satisfied that substantial hardship would otherwise be caused.

1. To make an electronic payment from your account you will need to provide us with the account number for the account you wish to send the money to, the name of the Bank or Building Society where the account is held and the sort code.
2. Where you instruct us to carry out an electronic payment from your account we will be liable for any errors in making that payment unless:
   • You have provided us with the incorrect details under Condition 9.1 or
   • We can prove that the recipient's bank has made the error.
3. Where we are liable we will refund the payment without delay and restore your account to the position it would have been in had the payment never been made.
4. Until 1 January 2012 in relation to any electronic payment, the payment will be processed on a three day clearing cycle commencing on the working day after the working day we are deemed to have received your instructions under Condition 5. This means that it will reach the recipient's bank no later than the end of the third working day following the time of the receipt of your request. From 1 January 2012 we will ensure that the payment is received by the end of the next working day following receipt of your instructions under Condition 5.
5. If we restrict the amount that may be withdrawn from your account or refuse to carry out an electronic payment we will tell you of that decision and our reasons for it (either personally, on the phone or in writing) unless it is unlawful for us to do so, within the timings set for the relevant transfer. Following this notification you can contact us for details of how to rectify any errors in the payment.
6. Where an electronic payment is made into or out of your account we will provide you with certain details in relation to the transaction (a reference enabling you to identify it, the amount of the transaction, any charges for the transaction and the value date of the transaction). These details will be provided on any statement for your account. You can also request these details by contacting us.

1. Provided you properly notify us in accordance with Condition 7.4 if you believe your account documents are missing or you think someone has tried to use them, your maximum liability for unauthorised payments out of your account is £50.
2. Subject to condition 10.3 there will be no limit on your liability where you have acted fraudulently or have been grossly negligent in failing to comply with condition 7.3.
3. Unless you have been fraudulent, you will not be liable for any losses incurred in respect of unauthorised payments from your account:
   • Occurring after notification under condition 7.4
   • Where we have failed to provide a notification process to allow you to report the potential misuse of your account documents unless the failure to provide the service was beyond our reasonable control
   • Before you received the account documents.
4. Where you wrongly identify the person and/or account under condition 9.1 to which the payment should be made, we will make reasonable efforts to recover the payment made, but we will not be liable for any losses which may be incurred by you.
5. Where the non-execution or defective execution of a payment was due to abnormal or unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary, the liability provisions in condition 9 and this condition 10 shall not apply to any incorrectly executed transaction.
6. Please check your passbook and account statements regularly. You must inform us as soon as possible and in the case of an electronic payment within 13 months of the date of the transaction if you consider there are any incorrect or unauthorised transactions.

We do not have to recognise the interest or claim of any person other than the account holder(s) in respect of money held in any account, nor will we be liable in any way for failing to recognise such interest or claim, except as required by law.

On proof of the death of any joint account holder, we will recognise only the survivor(s) as having any ownership of or interest in the account and the survivor(s) shall be entitled to operate the account on the same terms.

You will, by opening a share account, become a member of Yorkshire Building Society and your rights and obligations as a member will be as set out in our Rules. A copy of our Rules is available upon request. Your account will be a share account unless we tell you otherwise.

In the event that you breach your obligations to us under the savings contract you agree to indemnify us in respect of any loss we may suffer as a result. If your account is held jointly then we may hold either of you responsible to indemnify us in respect of any breach of your obligations.

We have the right to retain and set off all money in any account you hold with us against any money you may owe to us (whether under a mortgage, loan, guarantee or otherwise) which is due for payment but which has not been paid. We will give you notice in writing when we have done this. Interest or bonuses will not be paid on any money after it has been used in this way.

1. You will be taken to have received any letter or other personal notice (48 hours) after we have posted it to you.
2. If we accidentally fail to:
   • Send to you a communication intended for our savers generally or a category of our savers of which you are one, or
   • Display a notice at our Head Office or any branch office
   this will not make the notice invalid.

If you cannot be traced after enquiry, and either:

• For a period of three years you have made no payment to or withdrawal from your account and the amount in that account is less than £100, or
• For a period of five years you have made no payment to or withdrawal from your account we may decide to close that account and the money in it will be retained by us. If, however, you contact us at a later date we will either open a new account for you and credit that account with the amount of money in the closed account or repay the money to you, with interest, at a rate which we reasonably consider to be appropriate.

We may, for security or training purposes, record or monitor telephone calls or emails with or to you.

If, within 14 days of you opening the account (except where your savings have been accepted for a fixed rate savings account, not including a fixed rate ISA) you decide that the type of account you have opened is not appropriate for you, tell us and we will return your savings to you or transfer your savings to another account without loss of interest provided that any cheque you have paid us has met our cheque clearance period. You can exercise your right to cancel by writing to us at Savings Department, Timbercombe House, Charlton Kings Business Park, Cirencester Road, Cheltenham, Gloucestershire, GL53 8DZ.

1. We may make charges for items you specifically request such as duplicate statements or copies of cheques. Where you request these items or services we will contact you first to tell you of our charges. We may deduct those charges from your account. The charges we make will reflect expenses we incur on the cost of staff time and the use of our office and computer facilities.
   
   We can change the charges we make at any time. Changes may include the abolition of, or amendment to, existing charges or the introduction of new charges and may be made if we reasonably believe the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those which are expected to apply in the future):
   • To respond to, in a proportionate manner, changes which we reasonably make to our products or services or the way we provide them
   • To respond to, in a proportionate manner, changes in technology or general practice in the consumer savings industry
   • To respond to, in a proportionate manner, changes in the law or the interpretation of the law, decisions or recommendations of an Ombudsman, regulator or similar person, or any code of practice with which we intend to comply
   • To enable us to harmonise in a reasonable manner the products or services concerned following any acquisition of savings or savings accounts or any takeover of, or merger with, another provider of savings or savings accounts
   • To correct errors
   • To enable us to maintain our competitiveness, while having regard to the interest for our consumer customers, in the interests of our business as a whole.
   We can also change the charges for any valid reason (other than a valid reason mentioned above) where we reasonably believe change is appropriate.
2. We will let you know by one or more of the following methods where we make a change to any charges:
   • If your account is a Payment Account under the Payment Services Regulations 2009 and we change a charge or look to apply a new charge on your account or where we change any charge for an electronic payment, by giving you at least two months' personal notice before the increase takes effect. You may then switch your account to another account with us or close the account before the change takes effect. Where you notify us that you do not accept the change we will take this as notice that you wish to close your account
   • If your account is not a payment account, by giving you personal notice at least 30 days before the increase, or new charge, takes effect.

We reserve the right, to enable us to maintain our financial strength in the interests of our business as a whole, to suspend your entitlement to make further deposits into the account. If we exercise this right we will tell you on or before the restriction applies as follows:

• By letter or other personal notice, or
• By general notice in our branches and head office and on our website.

If you are ever dissatisfied with the service you have received, you should contact our Customer Relations Team and explain why you are dissatisfied. We will always try and resolve your complaint through our internal complaints procedure. However, if that is not possible, you have the right to refer the matter to the Financial Ombudsman Service.

If, for any reason, any of these standard terms or the product terms are found to be unenforceable our right to enforce the rest of the terms will remain unaffected.

The laws of England and Wales govern the contract between us. Any dispute arising out of or in connection with the terms of the account shall be submitted to the exclusive jurisdiction of the English courts. This contract is written in English and any communication relating to your account shall be in English. No other language shall be used. Our business is that of a building society.

Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Principal Office: Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ. 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. We are entered in the Financial Services Register under registration number 106085.

For further information please contact your local branch or call 0845 744 6622.