How to open a bank account at the Chelsea Building Society

Chelsea Building Society (the Chelsea) is one of the UK’s largest and oldest building societies. It offers a range of accounts such as current accounts, savings accounts and international accounts. If you are looking for a new bank account with the Chelsea, here is how you can open one.

Benefits of the Chelsea

• Competitive interest rates on your savings and current accounts
• Mobile & online banking services such as viewing your transactions and statements
• Range of additional products such as mortgages, insurance and financial advice
• Membership of a mutual organisation that is owned by its customers and supports local communities and charities

What you need

To open a bank account with the Chelsea, you will need two documents: one to prove your identity and one to prove your address. This applies both in-branch and by post. Some of the acceptable forms of identification are:

• Passport
• Driving licence
• National identity card
• Residence permit
• Biometric residence card

Some of the acceptable forms of proof of address are:

• Utility bill (gas, electricity, water, etc.)
• Council tax bill
• Bank statement
• Mortgage statement
• Tenancy agreement
• HMRC letter

Some accounts may also require additional documents, such as:

• Proof of income
  • payslip
  • tax return
• Proof of student status
  • student ID
  • acceptance letter
• Proof of immigration status
  • visa
  • work permit

Tip: If you don’t have one of these proofs of address you can ask your employer, landlord, or university to provide a letter confirming your address.

The Chelsea bank account types

Whether you need an everyday spending account or a long-term savings account, Chelsea Building Society caters to most people’s needs. Here are some of the most common ones:

Current account

Allows everyday banking tasks such as deposits, withdrawals and transfers. They come with a contactless debit card and online banking services for easy management. Some current accounts also offer overdraft facilities, interest rates and cashback rewards.

Compare current accounts from different banks and building societies – look at the fees, interest rates, overdraft charges, minimum balance requirements and perks before you apply.

Savings account

These will pay you interest as you save your money in the account. It’s ideal if you save money for a specific goal or emergency. There are a few types at the Chelsea:

Easy access savings account

This allows you to withdraw your money at any time without penalty. However, it usually offers lower interest rates than other savings accounts.

Notice savings account

This requires you to give notice before withdrawing your money, usually between 30 and 120 days. It usually offers higher interest rates than easy-access savings accounts.

Fixed-rate savings account

This locks your money away for a fixed period of time, usually between one and five years. It usually offers the highest interest rates among savings accounts, but you may have to pay a penalty if you withdraw your money early.

Cash ISA

This type of savings account is tax-free up to £20,000 per year. You can choose from different types of cash ISAs, such as easy access, notice, fixed-rate or flexible.

Tip: When comparing savings accounts, look at the interest rates, withdrawal rules and minimum deposit requirements before you apply.

International account

This account is ideal for travellers since it allows you to hold multiple currencies in one account and make international transfers easily. Some international accounts also offer travel insurance, foreign exchange services or other benefits.

Opening an international account may require more documents and checks than a regular bank account. You may also have to pay higher fees or maintain a higher balance. Check the eligibility criteria and the terms and conditions here.

Open your first account at the Chelsea

You can only open a bank account with the Chelsea in-branch or by post. Since you can progress further by applying in branch, I’ll focus on that approach in this guide.

1. The fastest way to open an account is to first visit the website and download the application form – this is the same form that the Chelsea provides in branch so it will be quicker for you to print and fill it in beforehand.
2. Next, visit your local Chelsea Building Society branch and bring your investment docs and proof of your ID and address.
3. The staff will check your documents and process your application.
4. Once processed, you will receive a passbook and a welcome pack with your account details.

Once you’ve created the account you can manage it by registering for online banking so you no longer have to visit the branch unless you require a face-to-face service. You can also use your credentials to log into the YBS app for simple banking tasks.

Connect your new Chelsea Building Society account to Emma to manage your finances more efficiently. With Emma, you can connect all of your accounts in one place, visualise your spending and categorise your expenses for greater financial awareness – this will help you cut your costs. Emma helps to boost your savings with unlimited Pots which separate your money for goal-oriented saving – you can optionally earn competitive interest rates on your Pots. It’s a great way to make the most of your money!