Over 60’s Easy Access Account

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Over 60’s Easy Access Account

Key Features

Over 60’s Account Issue 3

2.60% - 2.80% Gross pa/AER

Open with £1

Unlimited withdrawals

Our Over 60’s savings account allows unlimited withdrawals and is available to eligible UK residents aged 60 or over.

What is the interest rate?

Balance in the account % Gross % AERs

£1 -

£84,999

2.60% 

2.60% 

£85,000 -

£169,999

2.70% 

2.70% 

£170,000 -

£500,000

2.80% 

2.80%

How is interest calculated?

Interest is calculated on a daily basis and paid annually on 31st December. The annual interest will be paid directly into this account with the Society.

Please refer to section 7 of the Savings Accounts General Terms and Conditions for further information on how we calculate interest.

Details of our full range of products and current interest rates are available on request at our branches, by telephone 01257 235003 or from our website www.chorleybs.co.uk/savings

Interest Rate Definitions

  1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to the account once each year.

  2. Gross – The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

Can Chorley Building Society change the interest rate? 

This account has a variable rate of interest and is subject to change; this means we may increase or decrease interest rates at any time. If we reduce the interest rate and you have at least £100 in your account, we will give you 14 days notification prior to the change and you will have a period of 30 days from the date of the notification to switch or close your account.

Please refer to section 7 of the Savings Accounts General Terms and Conditions for further information on how and why we may change the interest rate.

What would the estimated balance be after 12 months

based on a £1,000 initial deposit? 

Based on the lower rate of interest, if you deposited £1,000 in this account, after 12 months your estimated balance would be £1,026.00.

This projection is for illustration purposes only and does not take into account your individual circumstances. The projection is based on no additional deposits, withdrawals or changes in the interest rate within the 12 month period.

How do I open and manage my account? 

Available to eligible UK residents aged 60 years old and above only. The account can be held on your own or jointly with someone else.

Only one Over 60’s Account Issue 3 is permitted.

To open an account you will need to apply in branch, post or online and let us have;

  • a fully completed Share Application Form;

  • at least the minimum deposit of £1 and

  • proof of your identity and address

  • funds within 15 calendar days for accounts opened via Chorley Online. If no funds are received the account will be closed.

The maximum balance is £500,000 and the overall maximum holding by any one person in respect of all savings accounts with the Society is £500,000.

Transfers in from other Chorley Building Society Accounts are permitted.

This is a limited issue and the Society reserves the right to withdraw this product without notice at any time. 

This product can be opened and managed in branch, by post, and via Chorley Online. Please refer to the Society’s Savings Accounts General Terms and Conditions and Chorley Online Terms and Conditions.

How can I withdraw money from this account? 

This is an easy access account and you may withdraw by cash, cheque or CHAPS* (*subject to a £25 fee). You can also request an online payment from this account, to a nominated bank account or to any of your Chorley accounts, providing these are in your own or joint names. Cheques requested by post or online for withdrawals or closures will be issued within 48 hours of receipt and posted 1st class to the account holder.  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. 

Additional Information

Whether you need to pay tax is dependent on your own personal circumstances and may be subject to change in the future. Interest is paid gross on all our savings accounts – except ISAs where it is paid tax-free. For more information on Tax Allowances please call HMRC on 0300 200 3300 or visit https://www.gov.uk/apply-tax-free-interest-on-savings

Financial Services Compensation Scheme

The Society is a member of the Financial Services Compensation Scheme. Your savings in this product may be covered, subject to eligibility. For more information contact the Financial Services Compensation Scheme, Telephone: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk, website: http://www.FSCS.org.uk

Contact us - 01257 235003 or https://www.chorleybs.co.uk/contact-us for further information.

Application Checklist

Must be a UK resident

We cannot offer accounts to people outside of the UK

Your Chorley account number

If you are already a member, so we can match you to your account

National Insurance number

This can be found on your payslips, P60 or tax return

Your bank or building society account details

You may need a new account to send withdrawals and interest to

Be at least 60 years old

This account is available to customers over the age of 60

Have read the product information and the following documents

Please ensure that you have read and understood the terms and conditions of the product you are applying for. These are detailed above, in the summary box. By proceeding with an application, you are confirming that you have read and understood the product specific terms and conditions. Please also ensure that you read the below documents before you apply. You can print or save these documents for your records.

 

Please speak to a member of our branch team if you have any queries.

Useful Links

Savings Accounts Terms and Conditions
Tariff of Fees and Charges
FSCS Information Sheet and Exclusions List
Identification Criteria (If we need more information from you)

Ways to apply

Online

Before you apply, please read the summary and the application checklist above.

By Post

Before you apply, please make sure that you have read and understood the account summary and application checklist above. You can download the application form online, print and post back to us.

In Branch

Before you visit, please ensure you have valid identification and necessary documents and please read the summary and the application checklist above.