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How do I open and manage my account?
This product can be managed in branch, by post, and via Chorley Online where you are able to view transactions, check your balance and check your interest rates. Please refer to the Society’s Savings Accounts General Terms and Conditions and Chorley Online Terms and Conditions.
Please note the Society only offers cash ISA products.
Eligibility Criteria
- The account cannot be a joint account or held on behalf of a person other than the investor.
- Available to eligible UK residents over the age of 18 only who:
- Are resident in the United Kingdom or, if not resident, be performing duties as Crown employee serving overseas and paid out of the public revenue of the United Kingdom (typically a serving member of the armed forces, or a diplomat), or be married to, or in a civil partnership with, such a person; and
- Have not exceeded the overall ISA subscription limit.
New ISA rules apply from the 6 April 2024. If, at the 5 April 2024, you are aged 16 or 17 please refer to our ISA FAQs which explain the new rules https://www.chorleybs.co.uk/isa_faq/ Our Branch Advisors can also help with queries.
- To open an account, you will need to apply online, in branch or by post and let us have;
- a fully completed Chorley Cash ISA Account application form;
- at least the minimum deposit of £1; and
- proof of your identity, address and residency
- funds must be received within 15 calendar days for accounts opened via Chorley Online. If no funds are received the account will be closed.
- The ISA subscription limit from 6 April 2024 to 5 April 2025 is £20,000 and this allowance can be split between a Cash ISA, a Stocks and Shares ISA, an Innovative Finance ISA, a Lifetime ISA and a Help to buy ISA, subject to eligibility. You are permitted to hold more than one ISA of the same type, (except for Lifetime ISAs), within the same tax year, providing the total amount across all accounts remains within your overall subscription limit. Once the amount deposited in any tax year reaches the maximum annual investment limit no further deposits are allowed until the following tax year..
- You remain responsible for managing your overall subscription limits, meaning you must ensure that collectively the total subscriptions remain within the overall ISA limit for the tax year. If you require further information, please refer to our New Rule Guide https://www.chorleybs.co.uk/isa_faq/ or speak to our Branch Advisors.
- Transfers in from other Chorley Building Society Accounts are permitted.
- Transfer Out – This Cash ISA can be transferred into another provider’s Cash ISA or a Stocks and Shares ISA subject to 90 Days’ written notification being served, or a penalty, equivalent to 90 days interest on the amount withdrawn, can be paid. We will forward the funds to the new ISA provider within 15 business days of receiving your instruction from them.
- Transfer In – Full and partial transfers-in from other ISA providers are allowed. On receipt of a transfer instruction from you we will forward it to your existing ISA provider, together with confirmation that we will accept the transfer, within 15 business days of the date of receipt. Once we receive the funds and transfer information, we will credit the funds to the Cash ISA account within 3 business days of the date of the receipt. Interest will be earned from the day after the funds are credited.
- This is a limited issue, and the Society reserves the right to withdraw this product without notice at any time.
Can I withdraw money from this account?
You may withdraw by cash, cheque or CHAPs* (*subject to a £25 fee) subject to 90 days written notification being received by the Society. Please read the following conditions regarding withdrawals:
- Withdrawals are permitted (ISA transfer out are permitted without notice, see below), subject to 90 days written notification being received by the Society or a penalty, equivalent to 90 days interest on the amount withdrawn can be paid.
- Transfers out to other ISA providers can be made, subject to 90 days written notification being received by the Society or a penalty, equivalent to 90 days interest on the amount withdrawn can be paid.
- All withdrawal instructions must include the amount you wish to withdraw.
- Withdrawal instructions by email cannot be accepted.
- You can request an online withdrawal. This must be to a nominated bank account or to any of your Chorley accounts, providing these are in your own or joint names. The notice period of 90 days will automatically be applied to online payment requests.
- Notice instructions can be given by telephone, post, branch or via Chorley Online.
- Once the notice period expires, you can withdraw an amount equal to or less than the amount specified in the instruction.
- Only one notice period can be requested at any one time and the notice period cannot be carried forward. If you do not withdraw the funds within 7 days of the notice expiring, you must make a new withdrawal request.
- Closure is permitted with 90 days’ notice given or a penalty, equivalent to 90 days interest can be paid.
- If transferring this account to another Chorley Building Society account with a longer notice period, no notice is required, and no penalty is charged.
- If transferring this account to another Chorley Building Society account with a shorter notice period 90 days’ notice must be given or a penalty, equivalent to 90 days interest can be paid.
- Cheques requested by post or online for withdrawals or closures will automatically be issued within 48 hours of the notice period end and posted 1st class to the account holder.
Please note if a capital withdrawal or transfer is made from this product within 90 days of a new tax year then the interest penalty will be deducted from your capital balance.
Withdrawal conditions apply; please refer to section 9 of the Savings Account General Terms and Conditions and section 7 of the Chorley Online Terms and Conditions for further details.
