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 at the end of that day.
You can choose to have your interest paid into your 5 Year Fixed Rate Bond 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?
No. The interest rate is fixed for 5 years from the date your initial deposit is credited to your Fixed Rate Bond (the Fixed Rate Period).
What would the estimated balance be after 60 months based on a £5,000 deposit?
Balance at the end of the term
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 are made during the Fixed Rate 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.
If you apply for an Online Account then you can only manage your Account through our website. If you apply for a Postal Account then you can only manage your Account through the post.
Minimum deposit of £5,000, maximum account balance of £1,000,000. Once the Account is opened, and provided the product has not been closed to new deposits, you have a limited period in which you can make deposits into the Account:
after which you will be unable to make any other deposits into your Account.
- For Online Accounts that is up to 14 days, beginning on the day you apply for your Fixed Rate Bond.
- For Postal Accounts applied for through our website that is up to 30 days, beginning on the day you apply for your Fixed Rate Bond
- For all other Postal Accounts that is up to 30 days, beginning from the date on the covering letter that was sent with your application pack
Deposits into the Account must be from your Nominated Account by Electronic Transfer or a cheque if it’s your initial deposit or you have a Postal Account.
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?
No withdrawals are permitted during the Fixed Rate Period.
Your Account will mature at the end of the last day of the Fixed Rate Period. We’ll write to you before then to remind you of that date and ask you what you would like to do with the funds in the Account at maturity.
You can either withdraw your funds into your Nominated Account or transfer them into a new or existing Charter Savings Bank account in your name (subject to meeting any Specific Conditions for that account).
We will need to have received your instructions for what you wish us to do 2 calendar days (5 calendar days for Postal Accounts) before the end of the Fixed Rate Period otherwise at the end of the Fixed Rate Period your Account will become a variable rate Account without any withdrawal restrictions. We will tell you the interest rate and terms and conditions which will apply to that Account when we write to you before maturity.
- As this is a limited issue Fixed Rate Bond, we can withdraw it from sale at any time without notice.
- 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 Fixed Rate Bond.
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.