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Save lives while you save money with the RNLI and Furness Building Society

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Supporters of the Royal National Lifeboat Institution (RNLI) can now save lives while they save money, thanks to a new affinity account just launched by Furness Building Society.

The lifeboat charity could receive thousands of pounds a year thanks to the link-up with the building society.  And to mark the launch, executives from the Furness will visit Barrow RNLI lifeboat station on 7 July to meet volunteer crew members and find out more about their lifesaving role.

Alec Moore MBE, Barrow RNLI coxswain, said the RNLI Affinity Account managed by Furness Building Society would be a great boost to the RNLI. He added: ‘We were delighted to hear the Furness wanted to support the RNLI in this way. As a charity, the RNLI relies on the generosity of the public to keep our lifeboat service running and this is giving people a new way to help us without it costing them anything. I’m looking forward to meeting the team from the Furness and showing them how their support will help our volunteer crew save lives at sea.’

Furness Building Society has 11 branches in the north of England but the RNLI affinity account is open to investors throughout the UK.  Investors can open an account with as little as £1 or up to £250,000 and can have access to their money without notice or penalty if they want to make a withdrawal. Savers can receive a higher rate of interest on their savings because it is calculated on the rate for the total of the deposits in the RNLI affinity accounts nationwide.

The Society will make an annual cash payment to the RNLI from its own funds equal to 1% of the average balance held in all the affinity accounts. In 2010, Furness Building Society paid out more than £368,000 to its charity affinity partners, with a local hospice and air ambulance service each receiving more than £100,000. The RNLI hopes to match these amounts. 

Furness Building Society Chief Executive Rob Cairns said: ‘We are delighted to be partnering the RNLI with an affinity account.  As a mutual building society the wellbeing of the community is at the heart of our business and affinity accounts offer mutual benefits that work for everyone concerned because the more supporters save, the more the Society gives.’

This is the first time the RNLI has gone into partnership with a building society to offer its supporters an affinity savings account. Catherine Kaye, RNLI Corporate Partnerships Manager, said it was an exciting opportunity to forge a partnership with a long-established organisation.

She added: ‘Just like the RNLI, the Furness has its heart in the local community and shares many of our values, such as trustworthiness and dependability. With the recession starting to bite, we have to find new and innovative ways to fund our lifeboat service. This new relationship with the Furness will hopefully provide a substantial amount of funding for our charity, enabling supporters to contribute to the RNLI without it actually costing them a penny.’

To open an account, investors can call into a local Furness branch or agency, or to open an account by post simply download an application form at www.furnessbs.co.uk.  The website also lists locations of Furness branches and agencies.  Alternatively call Furness Building Society on 0800 834312.