Charter Savings Bank Savings Accounts & Cash ISAs

Charter Savings Bank launched in 2015 and focuses on deposit-based savings products rather than providing a broad range of everyday banking services. Its savings range includes easy access accounts, fixed rate bonds and Cash ISAs, with interest rates and account conditions determined by the individual product issue.

Unlike banks offering current accounts and extensive branch services, Charter Savings Bank concentrates on savings products. New issues of its accounts may be introduced with different interest rates or terms, while existing customers retain the conditions applicable to their own accounts, subject to any permitted changes.

Customers can apply for eligible savings accounts online, with account management and customer support available through the bank’s established service channels. Some products and transactions may also support postal arrangements, depending on the account terms.

OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits with Charter Savings Bank fall under the banking authorisation of OneSavings Bank plc, which is relevant when calculating Financial Services Compensation Scheme protection.

For further information about the provider and its savings services, visit Charter Savings Bank’s official website.

Depositing money into Charter savings accounts

During an application, customers provide their personal details and complete the required identity checks. They may also need to nominate a UK bank or building society account for transferring money to and from their Charter savings account. Application and account opening arrangements can differ between individual product issues.

Managing accounts and viewing balances

Customers can fund eligible Charter Savings Bank accounts using electronic transfers from a nominated bank or building society account. The available payment methods, minimum opening deposit and any restrictions on further contributions depend on the product’s terms.

Withdrawals from Charter Savings Bank accounts

Easy access savings accounts generally permit additional deposits while the account remains available for funding. Fixed rate bonds usually have an initial funding period, after which further deposits are restricted. Cash ISA subscriptions and transfers must also comply with the applicable ISA rules and the account’s own conditions.

What happens when a fixed rate bond matures?

Charter Savings Bank provides online account management services that allow customers to access information about their savings. Depending on the product and available services, customers can check balances, review transactions and interest information, and manage eligible account instructions.

The bank also provides customer support for account enquiries and servicing requests. Customers should check the arrangements for their particular account issue, as some instructions or documentation may need to be provided through specified channels.

Withdrawal conditions vary across Charter’s savings range. Easy access accounts generally allow withdrawals without a fixed notice period, subject to the account’s payment and transaction requirements.

Fixed rate bonds are intended to hold savings until the agreed maturity date and normally restrict withdrawals during the term. Fixed rate Cash ISAs may permit early closure or transfers subject to the product’s conditions and any applicable interest penalty.

Customers should review the withdrawal provisions for their individual account issue before depositing money, particularly where access to savings may be needed before the end of a fixed term.

At the end of a fixed rate term, Charter Savings Bank provides maturity arrangements in accordance with the account’s conditions. Customers may be offered options for withdrawing their money or transferring it to another eligible savings product.

Any new fixed rate product offered at maturity may have a different interest rate and account conditions from the original bond. Customers should review their maturity information and provide any required instructions within the stated timescales.

For current account opening requirements, servicing arrangements and product-specific conditions, visit Charter Savings Bank’s official website.

Which bank holds Charter Savings Bank deposits?

Charter Savings Bank operates under the banking authorisation of OneSavings Bank plc, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This means eligible deposits held through Charter Savings Bank are treated as deposits with OneSavings Bank plc for FSCS purposes.

How much protection is available?

The distinction matters because a savings brand does not necessarily have its own separate deposit protection allowance. If a customer holds eligible deposits through more than one trading name operating under the same authorised bank, those balances are combined when assessing the applicable FSCS limit.

Does each Charter savings account receive separate protection?

The standard FSCS deposit protection limit is £120,000 per eligible person, per authorised firm. For Charter Savings Bank customers, this limit applies to their combined eligible deposits held under the OneSavings Bank plc authorisation, including accrued eligible interest.

What should Charter Savings Bank customers check?

For example, someone holding £75,000 in a Charter Savings Bank fixed rate bond and £55,000 in a Charter Cash ISA would have combined deposits of £130,000 under the same authorisation. Assuming both accounts belong to the same individual and no additional protection applies, £120,000 would fall within the standard FSCS limit and £10,000 would exceed it.

No. Opening several Charter Savings Bank accounts does not create a new £120,000 allowance for each product. An easy access account, a fixed rate bond and a Cash ISA held by the same eligible person are considered together when calculating protection under the OneSavings Bank plc authorisation.

Eligible joint accounts are assessed according to each account holder’s share of the deposits. Two eligible people holding a joint account may therefore receive up to £240,000 of standard protection between them, provided their individual shares and other deposits under the same banking authorisation remain within the relevant limits.

Customers with larger savings balances should consider the total amount they hold across Charter Savings Bank products and any other accounts sharing the OneSavings Bank plc banking authorisation. This is particularly relevant when combining fixed rate bonds with Cash ISAs or holding several accounts opened at different times.

FSCS protection is separate from the terms governing access to savings. A fixed rate bond can be eligible for deposit protection even though withdrawals are restricted until maturity. Protection against the failure of an authorised bank does not remove the account’s normal withdrawal restrictions.

Certain qualifying temporary high balances may receive additional protection for a limited period, subject to FSCS eligibility rules. Customers can check the current requirements and protection limits directly through the Financial Services Compensation Scheme.