Chelsea Building Society

 

History

The beginnings of the Chelsea Building Society date back to 1875, when the Camberwell and South London Building Society were established. This institution eventually merged with the Borough of Chelsea Permanent Building Society in 1966, and the name was changed to the Chelsea Building Society in 1971. In 1988, the Chelsea Building Society became even larger with the merger of the City of London Building Society. The name of the company remained unchanged.

 

Current Information

Today, the Chelsea Building Society is the fifth largest building society in the UK, with assets over £14 billion. The company has 35 branches across southern England, but phone and online banking services allow customers to enjoy Chelsea’s products from a much farther distance. Chelsea has continued to grow throughout the past decade, with a recent merger with Catholic Building Society, based in Westminster, London.

 

Cash ISAs Available

Chelsea Building Society currently offers three different types of cash ISAs, depending on your age and liquidity needs:

  • Chelsea Branch Instant Cash ISA – This account can be opened for as little as £14, although interest rates are higher on balances of £15,000 or more. Interest is typically paid annually, although customers can also request monthly interest payments. Withdrawals can be made at any time without notice, and the funds can be transferred into this account from another ISA provider.
  • Over 50s Cash ISA – This account is designed for customers born prior to April 5, 1960 and is subject to higher contribution limits in accordance with the Government. The opening deposit requirement is £5,100, and account holders can save up to £100,000 in a single account. Withdrawals can be made at any time without penalty, and interest is paid out without tax deductions when the account follows ISA regulations.
  • Postal 30 Cash ISA – The minimum opening deposit is just £1, and customers earn interest on any balance. To withdraw funds without penalty, customers must provide 30-days notice for the transaction. Interest is paid out annually on the account on March 1. This account does accept transfers from other institutions, and customers can transfer money out of their Postal 30 Cash ISA to another provider.

 

Stocks and Shares ISAs to Choose From

 

In addition to the numerous cash ISAs to choose from, Chelsea Building Society also works with Aviva to provide investment products to Chelsea customers. Aviva does offer a variety of stocks and shares ISAs that offer a potentially higher rate of interest when customers are willing to undertake slightly more risk with their money. The Chelsea website does not provide specific information about the stocks and shares ISA funds available; customers must contact an Aviva representative for more information. Contact information for Aviva can be obtained through any Chelsea branch.

Chelsea Building Society offers experience and stability to its ISA customers, as well as a wide range of ISA options to consider. As the fifth largest building society in England, Chelsea customers enjoy peace of mind in knowing their financial institution has the size and history necessary to provide for all of their savings and investment needs. For a variety of cash ISAs or investment options, contact your nearest Chelsea branch for more information

Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

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The information and content of this website is subject to the UK regulatory regime and is therefore intended for UK consumers.


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