Savings Accounts

Regular Savings Account (Issue 2)

Availability

Can be opened at a branch office or agency where you live or through the post.

The account holder agrees to be bound by the rules of the Society (copies available upon request) and the terms and conditions stated on this website.

Term

The fixed term for Regular Savings Account (Issue 2) is 5 years.

Minimum and Maximum Savings

£10.00 minimum per month up to £500 per month (£1000 joint)

You can open more than one Regular Savings Account (Issue 2), providing the total amount saved in the accounts does not exceed £500 per month (£1000 joint).

Additional Investments

Your Regular Savings Account (Issue 2) is totally flexible; you can increase or reduce your monthly payments to suit your financial situation.

You can make as many payments as you like up to a maximum of £500 per month. (£1000 joint) however at least one payment should be made each month .

You can make payments by standing order or at your local branch or agency.

Interest

Interest is added to your Regular Savings Account (Issue 2) on the anniversary of the account.

The rate of interest may be varied.

Maturity

At the end of the 5 year period, from when you started saving, the final interest will be added to the account. We will then transfer the funds to a 90 day notice account but we will give you 30 days penalty free access to the money if you wish to withdraw it or transfer to another account type with the Society.

Withdrawals

The Regular Savings Account (Issue 2) is a 5 year contract which offers a high rate in return for regular savings over that period.

No withdrawals are permitted within the 5 year period without penalty. You can have immediate access to your savings but a 3% penalty will be charged on the sum withdrawn.

Premature Closure

Closure is not permitted within the term without penalty. If you really do need to close the account a 3% penalty will be applied.

Furness Building Society reserves the right to close your Regular Savings Account if regular subscriptions are not maintained.

Charitable Assignment Scheme

All new savers opening share accounts must sign a declaration agreeing to assign any future windfall rights to the Charities Aid Foundation. For more information please telephone us on Freephone 0800 834312.

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