We’re required by law to check the identity of all account holders, on both individual and joint savings accounts.

If you’re opening an account in branch or through the post, one form of identity verification plus one form of address verification is required. A full list of acceptable documents can be found in our customer ID guide. 

Will you need to see original documents or will copies be sufficient?

We’ll need to see the original documents. If they are being sent to us via post, we’ll accept photocopies but they must be certified by a solicitor, accountant, authorised financial advisor, teacher, doctor, minister or post office master and we must be provided with their contact information. 

What if I already have an account with you?

If you already have an account with Furness Building Society and the details we have about you haven’t changed, we may not need to check your name and/or address.

What will you do with the identification documents I provide?

We’ll keep a copy of all the identity verification documents you provided. These records are required to fulfil our statutory obligations and won’t be used for any other purpose.

Will any further identity checks be required?

We reserve the right to carry out further checks on your identity, including electronic checks, in order to comply with our legal obligations. We may ask you to provide additional evidence if you change your address or if you haven’t used your account for over 12 months.

If the child is under 16, you are required to provide one of the following documents:

• Child benefit / tax credit document (last 3 months)
• Current and valid passport
• NHS medical card
• Birth/adoption Certificate (original only)
• National insurance card (age 16 and 17)

Adult signatories must also provide identification in accordance with the requirements listed in the table below

In the case of a Child Trust Fund, Junior ISA or fixed rate account:

• You have 14 days from the date that you enter into an agreement for us to open your account to notify us in writing that you wish to change your mind (or if later, the date we provide you with the general terms and conditions). 

In the case of any other account:

• You have 30 days from the date that you enter into an agreement for us to open your account to notify us in writing that you wish to change your mind (or if later, the date we provide you with the general terms and conditions). 

If you notify us within this time you can have your money back (assuming we have received cleared funds) or switch to another available account. 

You’ll therefore not be required to give any period of notice, lose any interest on the account you are closing or pay any other charges. 

If you don’t exercise your right to change your mind, you’ll be bound by the terms and conditions and any special conditions that apply to the particular account until your account is closed by you or by us. 

The introduction of the Personal Savings Allowance (PSA) in 2016 means that most people don’t pay tax on any interest generated through savings - also known as a savings income. 

The allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers - there is no allowance for additional rate taxpayers. If your total taxable income is less than £17,000, you’ll pay no tax at all on your savings income no matter how much it is. 

Interest generated through Individual Savings Accounts (ISAs) doesn’t count towards the Personal Savings Allowance as this is already free. 

If you have any savings income over and above your allowance, you’ll have to pay tax on this. HMRC usually collects what you owe by changing your tax code.

You can find more information on tax on savings interest here. 

Introduced in 1999, the Charitable Assignment Scheme requires new customers to sign a declaration agreeing to assign any windfall conversion benefits to which they may become entitled to the Charities Aid Foundation. This agreement lasts for five years, after which the declaration will cease to have effect.  

This enables new customers to open savings accounts with as little as £1 and start their savings journey with us. At the same time, it prevents speculators opening savings accounts in the sole hope of receiving windfall conversion benefits. 

Any customer who has continued to hold a membership account as a saver which was opened prior to 1999 or is a borrowing member, is not affected by the declaration.

What do you mean by windfall conversion benefit?

This is a distribution to shareholding members which is paid in the unlikely event of any transfer of the Society to a company on a conversion or takeover.

What is the Charities Aid Foundation?

The Charities Aid Foundation is a long-established charity and its purpose is to ensure that donating to charities is as effective as possible. More information can be found by visiting the Charities Aid Foundation website.

Are there any exceptions?

A comprehensive list of exceptions can be obtained by contacting our Head Office. 

Does this mean Furness Building Society is planning to convert?

No. It is the Society’s intention to continue as an independent mutual building society. Our results and the value for money products and services we’ve delivered for our members show that mutuality works. 

The Charitable Assignment Scheme will ensure we can deliver that value to all, without the need for artificially high minimum investment levels to counter the disruptive actions of speculators.

Electronic transfer payments are made under the Faster Payments Scheme. The maximum limit per transaction is £100,000.

All electronic transfers will be made via Faster Payments unless otherwise instructed - providing the payee’s bank has access to the Faster Payment service and the payment is less than £100,000. In other cases, you’ll need to contact us to discuss an alternative method of transfer. 

When we receive your instructions and authorisation to carry out an electronic transfer from your account before 3pm, we’ll treat your instructions as having been received that day. Instructions received after 3pm or on a non-working day will be treated as having been received on the following working day. 

Where you have instructed us to make an electronic transfer out of your account, the money will be available to the payee within one working day. If the transfer is instructed by a paper-based authorisation process, the money will be available to the payee within two working days.

The minimum and maximum amounts that can be held in a particular account are set out in the special conditions of that account. 

We can close an account if the amount is below the minimum for that account. We’ll give you at least 30 days notice before doing this. During this period, you can pay in more money to raise the balance above the minimum. You can find the minimum account balance for your savings account in your terms and conditions. If you need a copy of your account information, please contact our Head Office.

The overall maximum holding by any one person in respect of all accounts within the Society is £1m for an individual and £5m for a company. 

Money Helper provides guidance across a wide range of money matters, including a number of useful tools and calculators. The service is available 24 hours a day via the website and five days a week by telephone on 0800 138 7777 - calls are free.

You can open another account with us easily by visiting us at your local branch, or, if you’re signed up for eSavings, you can apply online. If you’re not yet registered for eSavings, you can do so here. 

As you already have an account with Furness Building Society, and assuming the details we have about you haven’t changed, we may not need to check your name and/or address when you open another account.

By signing up for eSavings you will be able to view your balance and manage your account at your convenience. You can register for eSavings quickly and easily online.

You can manage your savings account easily by visiting your local branch or by using our eSavings service. If you don’t have access to eSavings, you can register your account here. 

Once your registration for eSavings has been approved, you’ll be able to do the following online:

• View your account details
• Submit changes to your personal information
• Check your balance
• See how much interest you’ve earned

If you have passbook accounts and register for eSavings, please note that this is a viewing platform only and you will not be able to transact on your account online. 

Remember, there may be restrictions on deposits and withdrawals on fixed-term savings accounts. Please contact our Head Office if you need more information, or if you have any questions about the terms and conditions of your account.

If you have any special requirements or need assistance managing your account, there are a number of options for contacting us in a way that’s comfortable and convenient for you. 

You can call us on 0800 781 4311, use our online form, speak to us on live chat or visit us at your local branch.

A full list of our savings accounts and their current interest rates can be found here.

If we’re making any changes to your account, we’ll write to you in advance to confirm what the changes are and when they’ll come into effect.

With our flexible savings accounts, you can close your account at any time by contacting us directly. However, if you have a fixed term account with us, your account may be subject to a penalty if you withdraw the funds before the end of the agreed term. 

The full details of our breakage policy can be found in your savings account’s terms and conditions. If you need a copy of your account information, please contact our Head Office.

If you lose your passbook, please let us know as soon as possible so we can register your passbook as lost/stolen. Once registered, no withdrawals will be made from your account until a new passbook has been issued. 

An Attorney can open and manage a savings account on behalf of a dependent for a variety of reasons. If you need to manage the savings of a dependent, please contact your local branch so we can discuss your circumstances in more detail.

In the event of an account holder’s death, you’ll need to contact our Head Office so that our accounts team can release the funds.

Protecting our privacy and personal information is very important to us and we’re committed to keeping you safe. You can find our full Privacy Policy here.

The short answer is no. Savings accounts don’t usually offer an associated debit card as these types of accounts are designed to help build your money rather than spend it.

Savings accounts are set up in such a way that they help to build your money over time. For that reason, savers aren't able to make direct online payments, receive a debit card or cheque book for these account types. This makes it tricky to pay bills from a savings account.

That said, we understand that from time to time our members may need to draw from their savings to pay for bills. However, this will be subject to the account terms and conditions.

Current accounts are designed to provide you with easy access to your funds and are generally better suited for paying bills and cash withdrawals.