Furness Building Society has launched two new Fixed Rate ISAs, including a best buy 5-Year Fixed account with a competitive 4.22% interest rate. 

The competitive 5-Year product can be opened with a minimum deposit of £1,000. With 4.22% interest, if you deposited £1,000 in this account, after 12 months you would have £1,042.20, at the end of the five year term the maturity balance would be £1,229.58.

For those seeking a shorter commitment, the new 1-Year Fixed Rate ISA pays 4.05%, providing a secure tax-free return with the flexibility to review savings plans after a year. A £1,000 deposit would return £1,040.50 at maturity.

Access to interest for both Fixed Rate ISAs is available upon maturity. Closure of either account during the fixed period is permitted subject to 180 days’ loss of interest. 

Both products are available in-branch, online and through the ‘Furness Savings’ app, which is available on all app stores or can be downloaded by visiting https://www.furnessbs.co.uk/digital. 

Customers who already have an ISA with Furness or another provider can transfer their existing funds into the new products. This allows savers to take advantage of the competitive interest rate while maintaining their tax-free savings status. 

The two new products reflect Furness Building Society’s ongoing commitment to supporting savers with competitive, dependable options amid a changing interest rate environment. The new products also add to Furness Building Society’s highly competitive ISA portfolio, which also includes the Double Access Saver ISA Issue 1.

The Double Access Saver ISA Issue 1 currently has a 3.90% interest rate and allows account holders to make two withdrawals within a 12-month period and deposit money at any time. Withdrawn money can be replaced without it impacting the ISA allowance, providing it is withdrawn and replaced within the same tax year. 

Simon Broadley, Chief Executive of Furness Building Society, commented: “Savers are looking for certainty in uncertain times, and our new Fixed Rate ISAs provide reliable returns, and peace of mind, with the tax benefits of an ISA wrapper. Whether our members are saving for the short term or planning further ahead, our aim at Furness Building Society is to create a diverse range of products that help make money work harder, and we are continuously reviewing our services to offer the best rates possible.”