The current interest rate is 4.50% Gross/AER.

Interest is variable, calculated on a daily basis and is paid annually on 31 December. Interest can be added to your 150 Day Notice Saver (Issue 1) account, paid to another suitable Furness account or an external bank/building society account

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

If we reduce the rate we’ll let you know at least 14 days before we make the change. For more information on why the interest rate on your account might change, take a look at Section 7 of the General Savings Terms and Conditions

Based on the current rate of interest, if you deposited £1,000.00 in this account, after 12 months you would have £1,045.00

This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rate within a 12 month period. 

Opening your account

To open your account you must be 18 or over and a permanent resident in the UK. Simply call into your local Furness branch, call us on 0800 834 312 or download the application form from the links at the bottom of this page.

If you’re not already a Furness customer, you’ll need to provide some identification when you open your account. To find out what you’ll need, visit www.furnessbs.co.uk, call us on 0800 834 312 or ask at your local branch When you open your account you will receive a passbook.

Savings limits

You can start saving from £1,000 and up to a maximum of £250,000 (or £500,000 if it’s a joint account)

You can make a payment into your savings from your bank account, by standing order or with cash or cheque at your local branch. You can also send a cheque through the post. If you’re paying in by cheque, please make sure that cheques are made payable to the name on the account and remember to quote the Furness savings account number on the payee line. 

If you want to make a withdrawal from your savings account you’ll need to give us 150 days notice

Notice can only be given when there are sufficient cleared funds in your account on the date you give notice. You can give notice for a withdrawal by calling us on 0800 834 312, by writing to us or by calling in to your local branch.

You can only have one notice request at any time for example you cannot have more than one notice request against the same funds. After the notice period has expired you have 28 days in which to make the withdrawal which must be in one single transaction. If you don’t make the withdrawal within the 28 day window another 150 days notice will need to be given by you.

You can withdraw interest from this account within 6 months of it being added without notice or penalty. This must be taken as one single transaction.

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

Cancellation

You have 14 days after the contract is entered into to notify us in writing at our Head Office or one of our branches if you want to change your mind. If you notify us within this time, we will help you switch to another of our accounts or give you back your money (subject to any cheque clearance periods) together with any interest it has earned. If you do not exercise your right to change your mind, you will be bound by these Terms and Conditions.

Where interest is paid Gross this means tax will not be deducted from the interest Furness Building Society pays on your savings. If the total Savings interest you receive in a tax year is more than any Personal Savings Allowance that applies to you, you may have to pay tax on it. You will need to do this directly with HMRC, as Banks and Building Societies no longer deduct tax from your account interest. 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 savings interest tax allowance. 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).