Everyday Cash ISA (Issue 6)

The current interest rate is 1.60% AER Tax Free. Tax free means the interest you earn is exempt from UK Income Tax & Capital Gains Tax.
Interest is calculated daily and paid annually on 5th April each year.

Interest can be added to your Everyday Cash ISA 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 increase the rate we display this information in our branches and on our website.  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 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 £1,016.00

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

 Opening your account

● A Furness Everyday Cash ISA (Issue 6) may only be opened by an individual aged 18 or over who is resident or ordinarily resident in the UK (subject to exceptions for certain Crown employees). If you cease to be resident in the UK you may not make any further contributions to a Cash ISA although it can remain open and accumulate tax free interest. You will be able to replace Everyday Cash ISA contributions subject to them being replaced in the same tax year.

● You can only open a Cash ISA in your own name. Throughout the time you hold your account, you must be the sole beneficial owner of the money invested in it. You must not charge your account or use it as security for a loan.

●  The Furness Everyday Cash ISA (Issue 6) is a share account which confers membership rights and is subject to the Rules of the Society. Copies of the Rules can be obtained from any branch or from our Head Office.

Simply open an account via the Furness Savings app on your mobile, via our website on your pc, or by calling into your local Furness branch. Alternatively, you can download an application form from our website. You will need to provide some identification when you open your account and details of our requirements can be obtained online or from your local branch. If you are already a Furness customer, in most cases this will not be necessary.

When you open your account in branch you will receive a passbook.

Savings limits 
The minimum investment is £1 and you can save any amount in your Furness Everyday Cash ISA (Issue 6) up to a maximum of your annual allowance. The ‘General Information about our ISAs’ section provides details of the maximum annual allowance.

Cancellation 
You may cancel your application to subscribe to a Furness Everyday Cash ISA (Issue 6) during the first 30 days after the account was opened. Interest will be paid to you during the cancellation period.

We will write to acknowledge your cancellation and notify you that the cancelled subscription does not count as a subscription to an ISA.

You may still subscribe to another Cash ISA in the same year and for the full amount once your Cash ISA has been cancelled.

If you do not exercise your right to cancel in the first 30 days the ISA will be treated as a Cash ISA for that tax year and you will not be able to subscribe to another Cash ISA in that same tax year with the Society. You will, however, be able to subscribe to additional Cash ISAs with other providers, within the overall ISA subscription limit of £20,000. You will also be bound by the terms and conditions detailed in this Key Features Document.

Transactions 
Payments can be made on our mobile app, by faster payment, standing order or by cash or cheque at your local branch. You may also send a cheque through the post. Please ensure that cheques are made payable to yourself and quote the account number on the payee line. These payments must be from your own funds and not from a third party.

Transfers in

If you want to transfer another Cash ISA to your Everyday Cash ISA (Issue 6) you should contact us and we will arrange the transfer. On receipt of the necessary documentation, we will forward your transfer request to your current ISA provider within 5 working days. On receipt of the funds from your existing ISA provider we will credit your account within 3 working days. We will backdate the start date for interest accrual on the transferred funds to the date on the existing provider’s cheque.

The Society does not accept partial transfers in or out (except from previous tax years), or transfers in from Stocks and Shares ISAs, Innovative Finance ISAs or Lifetime ISAs.

Withdrawals

Withdrawals can be made without penalty on our mobile app, by faster payment, standing order or by cash or cheque at your local branch.  

Subscriptions that have been withdrawn can be put back without affecting your Cash ISA allowance as long as this is done in the same tax year and the account is still open. Withdrawals will be taken from current year’s ISA funds first followed by previous years’ ISA funds. When you pay funds back in, previous years’ funds will be replaced first followed by current year’s funds.

On the instructions of the account investor and within such time as is stipulated by the account investor in the withdrawal instructions all the investments held in the ISA and proceeds arising from these investments shall be transferred or paid to the account investor. Please refer to the Transfers out section for more information.

Transfers out

Upon receipt of your instructions and within the time stipulated by you, your Everyday Cash ISA (Issue 6) with all rights and obligations shall be transferred to another ISA manager.  You should contact them and ask them to arrange the transfer.  If you transfer your current year subscriptions to a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA it will be as if your Cash ISA subscriptions were not made and you can subscribe to another Cash ISA in the same tax year, subject to the overall subscription limits.  You can transfer previous years’ ISA subscriptions without affecting your annual ISA allowance.  

Investors must complete a transfer application form where an ISA is to be transferred to a new provider. Upon receipt of your transfer request from the new ISA provider we will transfer your Furness Fixed Rate Cash ISA to them within 5 working days with no loss of interest.  

Key Features

●       Tax free savings

●       Penalty free access to your savings

●       Variable interest rate

●       Flexible ISA withdrawals

HM Revenue & Customs Return

We must supply a return containing details of your Cash ISA to the HM Revenue & Customs each year. We will also give the HM Revenue & Customs any other information they are entitled to receive concerning your Cash ISA. HM Revenue & Customs will use the information we provide to identify investors who have broken the ISA rules by contributing to a disallowed combination of ISAs in a tax year.

Voids

The Society will notify the customer in writing if by reason of any failure to satisfy the provisions of the ISA regulations, the account has or will become void. Any corrective action will be taken within 30 days of notification. If by mistake you over subscribe in a tax year you should contact the HMRC ISA helpline: 0300 200 3312 for advice.

Death of the investor

Interest earned on a Cash ISA after the date of death of the investor is not exempt from tax. However, there is no loss of exemption on interest arising before the date of death.

If we don’t get it right – how to make a complaint

At Furness, we always try to provide a first-class service. Occasionally, however, things can go wrong and if they do, we’ll make every effort to put them right.

Ways to contact us

If you have a complaint, you should contact us in branch or call our Head Office on 0800 781 4311. You can also e-mail us at furness.direct@furness-bs.co.uk or write to us at Emlyn Hughes House, Abbey Road, Barrow-in-Furness, Cumbria, LA14 5PQ. 

The Society has a complaints handling procedure and a copy is available on request.

What happens next?

We will record your complaint and work hard to resolve it as quickly as possible, however this is dependent on the nature of the complaint as there are different timescales.

Please see the complaint handling procedure for further information.

Financial Ombudsman Service

We hope that the final decision you receive will provide you with sufficient information to explain the investigation and how we came to our decision, however, if you are not satisfied with the outcome, you can refer it to the Financial Ombudsman Service (FOS) and ask them to look into it for you. We will send you a leaflet that explains the FOS procedure with our final response. If you decide to refer your complaint to FOS, you must do so within 6 months of our final response. The contact details of the Financial Ombudsman Service are: The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4 567 or 0300 123 9 123 Website: www.financial-ombudsman.org.uk

For more information or details of our interest rates:

●       Call in at your local branch

●       Ring us free on: 0800 781 4311

●       Visit our mobile app

●       Visit our website www.furnessbs.co.uk or

●       Email furness.direct@furness-bs.co.uk

The information contained in this Key Features Document must be read in conjunction with the General Terms & Conditions and Other Important information booklet previously supplied to you. These contain important information to help you fully understand how your account works and your responsibilities as an account holder. Current copies are available on request from any of our Branches or by calling Furness Direct on 0800 781 4311. Alternatively you can visit our website www.furnessbs.co.uk or our mobile app.

Service Charges - To view the current service charges information you can visit the About Us section of our website www.furnessbs.co.uk or request a leaflet from any of our branches or by calling 0800 83 43 12.

Language

All communications between you and us will be in English unless we specifically agree otherwise.