Furness Building Society offers a range of fixed rate bonds that can help you grow your savings over time. These savings accounts can range from 1 to 5 years and can be managed in branch or online.
With Bonds, the rate of interest on your savings is guaranteed for a fixed period of time. You’ll need to make sure that you don’t need access to your savings for the term of the bond, as you won’t be able to make a withdrawal from the bond.
Bonds are suited to savers who have a lump sum of money to invest over time and want the security of a fixed return on their savings.
Fixed Rate Bonds are limited and can be withdrawn at any time – so click “Apply Now” and secure the rate today
Two Year Fixed Rate Bond (Issue 26)
|What is the interest rate?||
The interest rate is fixed at 1.20% Gross/AER.
Interest is calculated daily, paid on the anniversary and will be added to the account. Alternatively you can choose to have the interest paid to a nominated bank account or other suitable Furness account.
|Can Furness Building Society change the interest rate?||
As the interest rate is fixed, the rate will not change for the term of the account.
|What would the estimated balance be after 12 months and at the end of the fixed rate period based on a £1,000 deposit?||
Based on the fixed rate of interest, if you deposited £1,000, after 12 months you would have £1,012, at the end of the two year term the maturity balance would be £1,024.14.
This figure is for illustration purposes and are based on no withdrawals or changes in interest rate throughout the term of the account.
|How do I open and manage my account||
Opening your account
Simply call into your local Furness branch or agency or call Furness Direct on 0800 834 312 to request an application pack. You will need to provide some identification when you open your account and details of our requirements can be obtained from your local branch or agency, by contacting Furness Direct or on our website. If you are already a Furness customer, in most cases this will not be necessary. When you open your account you will receive a passbook.
This 2 year bond is available to savers over the age of 18.
Savings limits and additional deposits
The minimum opening deposit in the Bond is £1,000 and the maximum is £250,000 (£500,000 joint). Additional deposits in the Bond after the starting date will not be permitted.
Payments into the account can be made by electronic payment, or by cash or cheque at your local branch or agency. 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.
Transfers in from other Furness Building Society fixed rate products will not be permitted.
Managing your account
Transfers of name or additional account holders can be arranged on request. To manage your account, visit us at a branch or agency or by sending us your written instructions.
|Can I withdraw money?||
No withdrawals or closure are allowed within the term.
This two year Bond is a share account with Furness Building Society.
The Bondholder agrees to be bound by the rules of the Society (copies available on request) and the terms and conditions in addition to the General Savings Terms and Conditions. The following information must be read in conjunction with the separate “General Savings Terms and Conditions and Other Important Information” booklet 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 Agencies or by calling 0800 834312. .
You have 14 days after the contract is entered into to notify us in writing at our Head Office or one of our branches or agencies 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 product terms and conditions
We will contact you 14 days before your bond matures to tell you about other savings accounts available to you. If we don’t hear from you, at the end of the term, your savings will automatically transfer into an access account which is likely to be at a lower rate.
The Bond can be closed on the death of the investor with no notice or charge.
Your call may be monitored or recorded to maintain a quality service.
Please confirm you have read the important information below. Only when you have read the information and fully understand how the account works should you click to download the application form. We recommend that you print a copy of the documents for your records and keep them in a safe place.