Frequently Asked Questions

Opening an account

Am I eligible to open an account?

All our accounts are open to UK residents who are at least 18 years old.

How is my money protected?

Your eligible deposits with Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.
Please click here for further information or visit www.fscs.org.uk.

How do I apply for an account?

Opening an account is easy. All you'll need is the sort code and account number of your personal UK bank or building society account. Once you've chosen the account that's right for you, click on 'apply now' to get started.

Can I open more than one account?

Yes, you can open as many accounts as you like, subject to the General Savings Conditions or any specific conditions which apply to an account.

After you've opened your first account, it's even easier to open further ones by logging in to your online account.

On the Account Summary page, click the 'open new account' button, select the type of account you'd like, and provide a few pieces of information on how you'd like your account to operate.

We'll use the details you’ve already given us for your first account to finish the rest of the application for you, hence saving you precious time.

Can I open a joint account?

Yes, subject to any restrictions for particular types of account, you can have up to two account holders per account. If you have a joint account each of you can use the account, make withdrawals and close the account without the other’s approval. You will both be jointly and individually responsible for the account and we will assume each of you have an equal share of the money in the Account.

What account opening checks do you carry out?

As with all UK savings accounts, we check your identity and address before you open an account, usually by checking a number of electronic databases. In some cases we may ask you to send identification by post.

What documents do I need to provide to confirm my identity or address?

All acceptable identity and address documents can be found here.

Can I change my mind?

You cannot cancel or close a fixed rate bond.

For all other accounts, if you change your mind within 14 days of opening your account, you can cancel your account, just let us know and we‘ll return your savings and any interest earned.

More information is contained in the Key Features & Summary Box document for your account.

Power of Attorney

Can I open an account as a Power of Attorney?

A Power of Attorney can be set up on an existing account or, if preferred, a new account can be opened for the donor under a Power of Attorney, but please note that we can only accept a Power of Attorney which is operated on a single signature basis where more than one Attorney is appointed.

We will accept the following types of Power of Attorney:

Lasting Power of Attorney

A Lasting Power of Attorney must be registered with the Office of the Public Guardian, and the date of registration must be clearly stamped on the first page.

Enduring Power of Attorney

We'll accept an unregistered Enduring Power of Attorney unless it contains a condition that it should not be used until the donor is losing or has lost mental capacity. An Enduring Power of Attorney must be registered with the Office of the Public Guardian as soon as the donor starts to lose mental capacity.

Where an unregistered Enduring Power of Attorney is presented to us, we may require written approval from the donor before opening the account.

Important

We're unable to accept General Powers of Attorney.

By appointing an attorney to operate the Account, the accountholder will be unable to do so.

To make an application under a Power of Attorney, please contact our customer service team on 0800 032 9999 (we're open from 8am to 8pm Monday to Thursday, 8am to 6:30pm on Fridays, 9am to 5pm on Saturdays and 10am to 4pm on Sundays).

How do I open a new Power of Attorney account?

Once you’ve chosen the type of account you’d like to open, please read the relevant Key Features & Summary Box document and General Savings Conditions.

If you’re happy that the account is right for you, please call us to request an application form.

You can contact us on 0800 032 9999 (we're open from 8am to 8pm Monday to Thursday, 8am to 6:30pm on Fridays, 9am to 5pm on Saturdays and 10am to 4pm on Sundays).

When you’re ready to apply, please send the following documents to us at the address on the contact us page:

  • The Savings Application Form signed by the Attorney.
  • Proof of identity for the account holder and the Attorney.
  • Proof of residency for the account holder and the Attorney.
  • The Power of Attorney document or the Receivership or Deputy Order (as appropriate).
  • Your first deposit in the form of a cheque made payable to Charter Savings Bank and the account holder. Please note: the cheque must be from the Nominated Account stated on the application form.

How do I register a Power of Attorney on an existing account?

Please complete and send the following documents to us at the address on the contact us page:

  • The Application to Appoint an Attorney to Operate an Account(s) signed by the Attorney.
  • Proof of identity for the Attorney.
  • Proof of residency for the Attorney.
  • The Power of Attorney document or the Receivership or Deputy Order (as appropriate).

How do I cancel an attorney's authority to operate my account?

To end an attorney’s authority to operate your account at any time please contact us by:

  • logging in to our online banking service at chartersavingsbank.co.uk and sending us a secure message, or
  • calling us on 0800 032 9999.

What important information do I need to know about accounts operated under a Power of Attorney?

Key points on how you may be affected are:

  • If you appoint an attorney, only they will be able to operate your account – you won't be able to.
  • You will be responsible for the attorney(s) actions or omissions as if you'd made them yourself.
  • Any notices or correspondence sent by post will be sent to the mailing address for the first attorney.
  • We'll use the attorney(s) email address to send emails about the account.

Paying money into your account

How do I pay money into my Easy Access or Notice account?

To help protect the security of your money, any payments to your Charter Savings Bank account must be from your Nominated Account (the same UK bank or building society account you provided on your application form).

Electronic Payment (from your Nominated Account)

Simply tell your bank or building society that you would like to make an electronic payment from your Nominated Account and provide them with the following information:

  • our Account Number: 83495248
  • our Sort Code: 20-19-90
  • beneficiary: Charter Savings Bank
  • reference: your 7 digit account number and Surname

Please ensure your bank or building society correctly quotes your reference; without this we may not be able to allocate your money to your account and may have to return it without interest.

Standing Orders (from your Nominated Account)

You can ask your bank to set up a standing order from your Nominated Account for payments to be made into your account at regular frequencies. Tell your bank or building society that you would like to set up a standing order and provide them with the following information:

  • our Account Number: 83495248
  • our Sort Code: 20-19-90
  • beneficiary: Charter Savings Bank
  • reference: your 7 digit account number and Surname
  • frequency of payments

Cheques for initial deposits only (from your Nominated Account)

Cheques are only accepted for initial deposits when opening a new account and must be from your Nominated Account.

You can send a cheque from your Nominated Account made payable to Charter Savings Bank and your application reference number or seven digit account number.

How do I pay money into my Fixed Rate bond?

To help protect the security of your money, any payments to your Charter Savings Bank account must be from your Nominated Account (the same UK bank or building society account you provided on your application form).

Electronic Payment (from your Nominated Account)

Simply tell your bank or building society that you would like to make an electronic payment from your Nominated Account and provide them with the following information:

  • our Account Number: 83495248
  • our Sort Code: 20-19-90
  • beneficiary: Charter Savings Bank
  • reference: your 7 digit account number and Surname

Please ensure your bank or building society correctly quotes your reference; without this we may not be able to allocate your money to your account and may have to return it without interest.

Cheques for initial deposits only (from your Nominated Account)

Cheques are only accepted for initial deposits when opening a new account and must be from your Nominated Account.

You can send a cheque from your Nominated Account made payable to Charter Savings Bank and your application reference number or seven digit account number.

What is a Nominated Account?

Your Nominated Account is a personal UK bank or building society account in your name(s) which is linked to your savings account.

Money can only be transferred from, or sent to, your Charter Savings Bank account from your Nominated Account.

When will I start to earn interest on my money?

If we receive money by electronic payment such as BACS, CHAPS, Faster Payments and Standing Order you will start to earn interest on it from the working day we receive it provided we receive it before 4pm on a working day, otherwise it will be the next working day.

If we receive money by cheque (initial deposit only) you will start earning interest on the second working day after the working day we receive it.

When will my money be available for withdrawal?

Easy Access account

If we receive money by electronic payment such as BACS, CHAPS, Faster Payments and Standing Order, it will be available for withdrawal from the working day we receive it provided we receive it before 4pm on a working day, otherwise it will be the next working day.

If we receive money by cheque (initial deposit only) you will be able to withdraw these funds on the 6th working day after we receive it.

Notice account

You must provide us with the agreed amount of notice of any withdrawal you wish to make by logging in to our online banking service at chartersavingsbank.co.uk and sending us a secure message, or calling us on 0800 032 9999 (or 0330 123 1111 if calling from a mobile phone).

Fixed Rate Bonds

You cannot make a withdrawal from or close a Fixed Rate Bond during the fixed rate period.

Operating your account

How do I log in?

You can log in to your account to view your transactions here. You'll need your user ID, password and memorable details.

How do I view my balance?

When you log in to your account you'll find the details you'll need including your interest rate, product type and balance.

When you're in your account, go to the 'Account Summary' screen and select 'Work with Account' followed by 'Account Details' and you'll find full details of your account.

What is the current interest rate on my account?

When you log in to your account you'll find all the details you'll need including your interest rate, product type and balance.

Are there any charges for operating my account?

We don’t charge you for any of the normal things you need to do to manage your account, however there will be a charge if you request a CHAPS electronic payment and/or Data Protection Subject Access Request.

Please see our Tariff of fees for details.

How do I withdraw money from my Easy Access account?

You can log in your account to arrange a withdrawal here. You'll need your user ID, password and memorable details.

Will I still earn interest if my balance drops below the minimum required for the account?

Please see your Key Features & Summary Box document for details.

How do I withdraw money from my Notice account?

You can log in your account to arrange a withdrawal here but remember you must allow the full notice period appropriate to your account. It is not possible to withdraw money from your Notice account without giving the full notice.

How do I withdraw money from my Fixed Rate Bond?

Withdrawals are not possible from your Fixed Rate Bond during the fixed period.

How do I cancel a future transaction?

You can log in your account to cancel a future withdrawal here. You'll need your user ID, password and memorable details.

When you're in your account, select 'Account Statement' to see your unprocessed instructions. Select the transaction you would like to cancel and then the 'amend' button. From here you'll be able to choose delete.

Any payments you’ve scheduled for a future date must be cancelled at least one working day before the payment is due to be sent.

How do I close my Easy Access account?

To close your account log in here. You'll need your user ID, password and memorable details.

When you're in your account, select ‘Make a Transaction' and arrange to withdraw all of your money. Please ensure you tick the box to confirm you would like to close the account.

How do I close my Notice account?

To close your account log in here but remember you must allow the full notice period appropriate to your account. It is not possible to withdraw money from your Notice account without giving the full notice.

When you're in your account, select ‘Make a Transaction' and arrange to withdraw all of your money. Please ensure you tick the box to confirm you would like to close the account.

How do I transfer money from my Easy Access account or Notice account to another account?

Please check that the account you want to transfer your money to allows additional deposits, and then log in to your account here. You'll need your user ID, password and memorable details.

Once you've logged in to your account, you'll be able to choose the account you want to transfer your money from and to, and also confirm the amount you wish to transfer.

Remember that for Notice accounts you must allow the full notice period appropriate to your account. It is not possible to withdraw money from your Notice account without giving the full notice.

What accounts can I transfer money between?

Please refer to the account Specific Conditions in the Key Features & Summary Box document (provided when you applied for the accounts) to confirm if you can make withdrawals or add further deposits.

If you didn't keep a copy, contact us and we'll confirm the details for you.

Can my account be operated under a Power of Attorney?

A Power of Attorney can be set up on an existing account or, if preferred, a new account can be opened for the donor under a Power of Attorney, but please note that we can only accept a Power of Attorney which is operated on a single signature basis where more than one Attorney is appointed.

We will accept the following types of Power of Attorney:

Lasting Power of Attorney

A Lasting Power of Attorney must be registered with the Office of the Public Guardian, and the date of registration must be clearly stamped on the first page.

Enduring Power of Attorney

We'll accept an unregistered Enduring Power of Attorney unless it contains a condition that it should not be used until the donor is losing or has lost mental capacity. An Enduring Power of Attorney must be registered with the Office of the Public Guardian as soon as the donor starts to lose mental capacity.

Where an unregistered Enduring Power of Attorney is presented to us, we may require written approval from the donor before opening the account.

Important

We're unable to accept General Powers of Attorney.

By appointing an attorney to operate the Account, the accountholder will be unable to do so.

To make an application under a Power of Attorney, please refer to the separate Power of Attorney section above for more information.

How do I change my Nominated Account?

If you wish to change the Nominated Account linked to your savings account please print, complete and sign the Change of nominated bank account.

We'll email you when your new Nominated Account details are available to use, which is usually 6 working days after we receive your request. Until we have changed your nominated account you can continue to use your old bank account.

How do I inform you of changes to my name or address?

If any of your personal details have changed please print, complete and sign the Change of personal details form.

We may need further information to be sent with the form. If you’re changing your name we’ll require an original or certified copy of a marriage certificate, deed poll (or statutory declaration) or decree absolute together with your marriage certificate if reverting back to your maiden name.

How do I change the email address registered to my account?

You can log in to your account to update your email address here. You'll need your user ID, password and memorable details.

Once logged in to your account please select 'Change details' and then 'Change email'. You’ll need to re-enter your account password before the change will be accepted.

How do I register for gross interest?

The Government has changed the way tax is charged on the interest you earn on your UK savings accounts. Previously, we automatically deducted 20% tax from the interest earned on your Charter Savings Bank accounts before we paid it to you (unless you’d registered to receive your interest gross).

On 6 April 2016, the Government introduced a tax-free Personal Savings Allowance: £1,000 a year for basic rate taxpayers and £500 a year for higher rate taxpayers (additional rate taxpayers are not entitled to a Personal Savings Allowance).

This means that you will not pay tax on the first £1,000 of interest you earn (or £500 for higher rate taxpayers) on any savings you have with us or with another bank or building society.

You can find further information in the Personal Savings Allowance guide, which will help you understand these changes and answer any questions you may have.

How do I add a second account holder?

If you wish to apply to add a second account holder to your account please print, complete and sign the Addition of second account holder.

Please note there is a maximum of 2 account holders per account.

How do I remove an account holder?

If you wish to remove an account holder from your account please send a letter signed by both account holders confirming the name of the account holder you wish to remove.

We’ll send written confirmation as soon as the change has been made.

Please click here for our postal address.

How do I view my statement?

When you log in to your account you'll find details of your interest rate, product type and balance.

When you're in your account, go to the 'Account Summary' screen and select 'Work with Account' followed by 'Account Details' and you'll find full details of your account including a mini statement and an option to review a specific time period.

Maturity of Fixed Rate Bonds

What happens when my Fixed Rate Bond reaches its maturity date?

To ensure everything goes smoothly, we’ll contact you at least one month beforehand to remind you of the maturity date and ask you to log in to your online account and check your personal details are up to date.

At least 2 weeks prior to maturity, we’ll contact you again to let you know that your maturity options are available to review and ask you to choose where you’d like your savings transferred to.

Once your savings have been transferred, we’ll contact you again to confirm we have carried out your instructions and your new account (if selected) is open.

Do I need to do anything before the maturity date?

To ensure everything goes smoothly, please log in to your account and check all of your personal details are up to date including your preferred email address and your Nominated Account details (the UK bank account where you send money to and from your Charter Savings Bank account).

Please note that if you decide to change your Nominated Account, sole account holders can do this online however joint account holders (and Attorneys for accounts operated under a Power of Attorney) will need to fill in a change of nominated bank account form and post it back to us at Charter Savings Bank, PO Box 855, Wallsend, NE28 5BL. You can find a copy here.

We'll contact you when your new Nominated Account details are available to use, which is usually 6 working days after we receive your request. Your existing Nominated Account will continue to be used until then.

What can I choose to do with my savings when my Fixed Rate Bond matures?

You can choose to transfer some or all of your savings balance into a new Charter Savings Bank account or to your external Nominated Account.

We'll let you know when your options are ready to review, which can be accessed by logging in to your online account.

How do I find my options?

After we’ve contacted you to confirm your options are available to review, you can review them by logging in to your account, identifying the account that is about to mature and selecting:

  1. 'Work with account' from the 'Account summary' screen.
  2. 'Account details'.
  3. 'Maturity options' button (this will only show when your options are available).

How do I let you know what I’d like to do?

Please log in to your account, identify the account that is about to mature and select:

  1. 'Work with account' from the 'Account summary' screen.
  2. 'Account details'.
  3. 'Maturity options' button (this will only show when your options are available).

Once in the ‘Maturity options’ page, please select where you’d like to transfer your savings to (this can be to more than one place if you wish) and, providing this meets the rules for the chosen account, we’ll make sure this happens upon maturity.

Important: you must select an option no later than 3 days before your maturity date.

If you don’t select an option, your savings will automatically transfer into an easy access savings account. We will tell you more about this account and the interest rate payable when we write to tell you about your maturity options.

If I choose to transfer my savings into a new Charter Savings Bank account, how long will it take to set up?

All new Charter Savings Bank accounts will be created using the details contained in your existing account.

For example if you have chosen for interest to be paid to your existing account monthly, interest will be paid to your new account monthly.

If you choose to transfer all or part of your balance to a new Charter Savings Bank account, your savings will arrive on the same day your existing account matures; any amount transferred to your external Nominated Account will arrive within 2 working days of your savings account maturing.

If I choose to transfer all or some of my savings to my external Nominated Account, when will it arrive?

Any amount transferred to your external Nominated Account will arrive within 2 working days of your savings account maturing.

What will happen with any outstanding interest?

When selecting where to transfer your savings, you are asked to confirm where you would like any outstanding interest to be sent. You can send it to a new or existing Charter Savings Bank account, or to your external Nominated Account if you prefer.

Please note:

  • if you already have interest paid to your external Nominated Account this cannot be changed and will arrive in your account on the maturity date or the next working day.
  • if your account matures over the weekend or on a Bank Holiday and you are transferring some or all of your savings to a new or existing Charter Savings Bank account, your interest will transfer on that day.
  • if your account matures over the weekend or on a Bank Holiday and you are transferring some or all of your savings to your external Nominated Account, you may earn additional interest for these non-working days which will be included in the amount transferred.

Can I make additional deposits into my new Charter Savings Bank account?

If you select a new Charter Savings Bank Fixed Rate Bond and want to make a further deposit into it, you’ll have 14 days from the date the account is opened to do so.

Please use your new 7 digit account number and your surname as the payment reference – any money sent using your old account details may be returned without interest.

The total amount you can deposit will be dependent on the maximum balance applicable to the account you choose.

Please see paying money into your account for more information.

What will happen if I don’t select an option?

If you don’t select any of the options available to you, your savings will automatically transfer into an easy access account allowing you to move your savings to a new or existing Charter Savings Bank account (subject to the rules of the account) or to transfer them back to your Nominated Account if you prefer.

Your security

How can I help keep my online account(s) secure?

It's vital that you take care of your Personal Security Details and selected personal information, to help prevent fraud and protect your Account(s).

We may contact you if we suspect or if you inform us that there are unusual transactions on your Account(s).

For more information on your responsibilities for ensuring the security of your Account(s), please refer to Paragraph 15 (Security and some of your key responsibilities) in your General Savings Conditions.

I've forgotten my password - what do I do?

You can reset your password in minutes simply by clicking the 'Log in' button on our website and then clicking the 'Forgotten Password?' button.

Someone else may know my password or memorable details - what do I do?

You must tell us as soon as possible by logging in to our online banking service at chartersavingsbank.co.uk and sending us a secure message or calling us on 0800 032 9999 (or 0330 123 1111 if calling from a mobile phone).

System time-out

You'll be automatically logged out of your account if you leave your screen inactive for more than ten minutes.

Whilst you should always log off whenever you leave your computer, the automatic time-out provides additional protection.

Online Banking Commitment

Keeping your money safe is important to us. You should check your statement regularly and tell us about any unauthorised withdrawals as soon as possible. We'll normally refund any unauthorised withdrawals and any lost interest provided you’ve taken reasonable precautions to keep your security details safe and not acted fraudulently.

For more information and guidance on this, on security and your part in keeping your details secure please see our General Savings Conditions. If you believe someone may know your password or memorable details, please contact us immediately. We’ll check your account and set up new security details straight away.

Financial Services Compensation Scheme

Financial Services Compensation Scheme

Your eligible deposits with Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.