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When it comes to the right savings account there’s plenty to consider. From rate, to how long you plan on saving for, to how readily available you need your savings to be, there are lots of questions to answer before you hand over your cash.
Now for the most important bit, what kind of savings accounts are available and how do they work? There are lots of options to choose from, so here’s a little overview to help you decide where best to place your cash to get the most out of it.
Up to 1.7% AER
These are pretty much a ‘it does what it says on the tin’ kind of product. Giving you a fixed rate for a predetermined amount of time, they’re ideal if you would rather not have access to your money for a set period of time.
Up to 1.05% AER
An ISA could be handy if you’d like to save a large amount of money tax-free (within your ISA subscription allowance). Chester Royal offers a range of fixed terms to suit a variety of savings needs. We’re here to help you make the most of your money.
To help you get your savings journey started, here are the all-important ‘need-to-knows’ about saving with Chester Royal Bank.
Who can open a savings account?
The easy answer is anyone can open a Chester Royal savings account. The more detailed answer is anyone over the age of 18 with at least £1,000 to save can open an account.
What can I use my savings account for?
Well that’s entirely up to you. It may be that you’re saving for a one-off event like your wedding day or the honeymoon of dreams. Or perhaps planning on making a large purchase like a car or saving for a house deposit. Maybe you just have a large sum of money and you’re keen to get it earning some interest, whatever it is there’ll be an account for you.
Can I open an account if I’m not 18?
Absolutely, Chester Royal Bank’s Junior ISA was designed for savers under the age of 18 with at least £500 to open the account. You need to open the account before your 18th birthday and won’t be able to make a withdrawal until you hit the big 1 8. Transfers to a new provider are allowed but a fee (equivalent to 90 days’ tax-free interest) would be payable.
You may be new to Chester Royal Bank, but Chester Royal isn’t new. For more than 50 years we’ve been helping customers make the most of their money.
From helping customers save for the things that matter to them, to creating mortgage products shaped with our customers in mind, Chester Royal Bank knows how to make your money work for you.
The Chester Royal team understands every situation is different and appreciates the need for simple processes and a streamlined online experience, which is why we’ve transformed our digital journey. We are continually learning from customer feedback and strive to deliver service which puts you first.
2 Year Fixed Rate Bond – Online Only (1.55%)
I'd like my interest paid annually
1.55%
The rate displayed above is the rate you will receive in total each year
I'd like my interest paid monthly
1.54%
The rate displayed above is the rate you will receive in total each year
Account Name
2 Year Fixed Rate Bond.
What is the interest rate?
1.55% Gross*/AER** – Annual
1.54% Gross*/AER** – Monthly
Interest is calculated daily. Annual interest is paid on the anniversary of account opening. Monthly interest is paid on the last working day of the month.
Can Chester Royal Bank change the interest rate?
No, the interest rate is fixed for the term
Based on £1,000 initial deposit, what would the estimated balance after 24 months.
£1031.24
This illustrative example assumes one initial deposit of £1,000, with no further additions with interest paid annually and added to the account. This projection is provided for illustrative purposes only & does not take into account the individual circumstances of a customer.
How do I open and manage my account?
You can open your account online.
Accounts opened online can be managed via our internet banking and also by telephone.
The minimum deposit for a Fixed Rate Account is £1,000.
For deposits made by cheque, interest is calculated from the second banking day on which the cheque is credited to the account. Cheques are cleared in 2 banking days using the Image Clearing System. This system allows banks to clear a digital image of the cheque rather than the original paper cheque.
Account holders must be aged 18 or over and be UK resident for tax purposes.
The maximum amount that may be held by you with us across all products may not in aggregate exceed £1,000,000 but we may waive this limit at our absolute discretion.
Can I withdraw money?
You cannot make withdrawals during the fixed term. We will write to you, before the end of your fixed term, to provide you with your options.
Additional information
When you open an account, you have 10 working days to transfer any funds in to that account. If, after 10 days, no funds have been received or the funds held in the account do not meet the minimum balance, then we will close the account and return any money held in the account.
All deposits in and out of your account must come from your nominated bank account, which you provide as part of the application process.
We will pay interest without tax deducted. However, if the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HMRC. For more information visit www.gov.uk and search ‘Personal Savings Allowance’.
Glossary of Terms
*Gross
Is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The payment can be made annually or monthly.
**AER
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if paid and compounded each year.
