Furness Young Savers Account

  Summary Box
Account Name Furness Young Savers Account
What is the
interest rate?

The current interest rates are:

£1 and over 0.85% Gross / 0.85% AER

£500 and over 1.00% Gross / 1.00% AER

Interest is variable, calculated on a daily basis and is added to your account. Interest is paid half yearly on 30 June and 31 December.

Can Furness
Building Society
change the
interest rate?

As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed.

If we increase the rate we will tell you within 30 days of the change. If we reduce the rate we will tell you no less than 14 days before we make the change.

For full details on how and why we will change the interest rate on your account, please refer to Section 7 of the General Investment Terms and Conditions.

What would
the estimated
balance be after
12 months based
on a £400 deposit
and £1,000
deposit

Based on an interest rate of 0.85% Gross, if you deposited £400 in this account, after 12 months you would have £403.41.
 

Based on an interest rate of 1.00% Gross, if you deposited £1,000 in this account, after 12 months you would have £1,010.03.

These figures are for illustration purposes and are based on no additional deposits, withdrawals or changes in interest rate within the 12 month period.

How do I open
and manage my
account?

Opening your account

To open your account you must be permanently resident in the UK. The account holder must be under 18 years old and will at all times remain the sole owner of all the money in the account.

The purpose of the Furness Young Savers Account is to encourage the savings habit and financial responsibility at an early age. The young saver remains the account holder, however young savers under the age of 7 must have their account operated by a parent or guardian. At the age of 7, the young saver can operate the account providing a change of signatory is signed by the previous operator to
transfer the account.

Simply call into your local Furness branch or agency, call Furness Direct on 0800 834 312 or access the application form on our website www.furnessbs.co.uk. The young saver and any operator will need to provide some identification when the account is opened and details of our requirements can be obtained from your local branch or agency, by contacting Furness Direct or on our website.

If you are already a Furness customer, in most cases this will not be necessary. When you open your account you will receive a passbook.

Savings limits and additional investments

Minimum investment £1 - Maximum investment is £10,000. You can add to the account at any time subject to the maximum investment limit of £10,000.

Payments into the account can be made by faster payment, standing order or by cash or cheque at your local branch or agency. You may also send a cheque through the post. Please ensure that cheques are made payable to the account holder and quote the account number on the payee line.

To manage your account, visit us at a branch or agency or by sending us your written instructions.

Can I withdraw
money?

Savings can be withdrawn, providing the funds are for the benefit of the young saver. Withdrawals are available without notice or penalty in either cash or cheque. All cheque withdrawals should be made payable to the young saver, however, in appropriate circumstances may be made payable to a third party providing the funds are for the benefit of the young saver. You must always present the passbook to make a withdrawal or close your account.

Please note that branch and agency limits apply to cash withdrawals.

Additional
Information

When the young saver reaches age 18, the account will be transferred to an access account and can no longer be operated by the parent/guardian. We will contact you at this time to let you know what other options are available.

Please note that the Furness offers other Young Saver accounts and if you would like details, please ask at your local branch or agency, call Furness Direct on 0800 834 312 or visit our website.

You must read the General Investment Terms and Conditions and Other Important Information leaflet to ensure you fully understand how your account works and your responsibilities as an account holder.

 


  • Variable interest rate
  • You can start saving with just £1
  • Instant access
  • Maximum investment is £10,000
  • Get into the savings habit
  • Interest can be paid gross on receipt of a signed valid R85 form


Savings rates up to
1.00%GROSS/AER


Minimum Investment: £1

Investment Bands

AER Gross p.a.
£500 and over 1.00 1.00
£1 and over 0.85 0.85

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest is paid and added to your account each year. From 6 April 2016, if you’re a basic rate tax payer you’ll be able to earn up to £1,000 in savings income tax free. Higher rate tax payers will be able to earn up to £500. Additional rate tax payers will not receive any allowance. This is called the Personal Savings Allowance. This means that most people will no longer pay tax on savings interest. Banks and building societies will stop deducting tax from your account interest.



What to do next?


If you would like to discuss or apply for one our products please contact us on 0800 834312 or use the links below
› Find your nearest branch › Apply Now › Email a friend

Apply now for a Furness Young Savers Account


Please confirm you have read the important information below. Only when you have read the information and fully understand how the account works should you click to download the application form. We recommend that you print a copy of the documents for your records and keep them in a safe place.





Furness Young Savers Account Details


Click below for more information:

Personal Savings Allowance Information

AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year (excluding bonuses). Tax free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. From 6 April 2016 the Government has introduced a personal savings allowance. The allowance is £1,000 for basic rate tax payers and £500 for higher rate tax payers. There is no allowance for additional rate tax payers. From this date tax will not be deducted from the interest the Furness Building Society pays on your savings. If you have any savings income over your personal savings allowance you will have to pay some tax on this. HMRC will normally collect the tax by changing your tax code. Interest from ISAs does not count towards your personal savings allowance because it is already tax free.







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