5 Year Fixed Rate Cash ISA

Important Information

Due to the current circumstances we're not able to open an account in branch for you.  If you'd like to open an account there are a few options available to you.

• Fixed Rate ISAs are limited and can be withdrawn at any time so if you want to secure this rate today apply online now

• You can download paper application forms and pop them in the post

• You can call us on 0800 220 568 for an application pack and we'll post it to you

If you're transferring an ISA from another provider you'll also need to complete the Cash ISA Transfer Form and return this to us.  If you want to email this to us you can at furness.direct@furness-bs.co.uk 

Fixed-rate ISAs are a type of tax-free savings account. They often offer higher interest rates than easy access ISAs but you’ll need to make sure you’re happy to tie your savings up for the duration of the term as it’s likely you’ll have to pay a penalty (loss of interest) if you need to get hold of your savings.

This 5 year account is our mid-term fixed rate ISA product and the account can be opened and managed in any of our branches or agencies.

 If you’re interested in tax-free savings, there are other ISA options available with Furness Building Society such as Easy access ISAs, for money you might need at short notice or Junior ISAs if you’re looking to save for your children. Fixed Rate Cash ISAs are limited and can be withdrawn at any time – so pop into your nearest branch and secure the rate today.

Current Interest Rate

1.30%

Gross/AER

Minimum Investment

£1,000

Type of Account

Branch Bonds and ISAs

 

Apply Now

Or call us on

0800 834 312

Summary Box

Account Name

5 Year Fixed Rate Cash ISA (Issue 166)

What is the interest rate?

The interest rate is fixed at 1.30% Tax Free/AER.  Tax free means the interest you earn is exempt from UK Income Tax & Capital Gains Tax.

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).

Interest is calculated daily and paid annually on the anniversary of the account opening date and on maturity. Annual interest can be added to the ISA account or 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 in this account, after 12 months you would have £1,013. At the end of the five year term the maturity balance would be £1,066.71

This figure is for illustration purposes only and is based on annual interest being added to the account on the anniversary each year.  

How do I open and manage my account

Opening your account

Simply call into your local Furness branch or agency.  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.

The Bond is not available to deposit account holders or a saver under the age of 16.

Savings limits and additional investments

The minimum opening deposit in the Bond is £1,000 and the maximum is £250,000 (£500,000 joint).  Additional investments 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.

Additional information

Key Features

  • Tax free savings
  • Interest is fixed for 5 years
  • Closure subject to 180 days loss of interest

Maturity

The ISA will mature two years from date of opening.

We will write to you within 14 days of the maturity date of your ISA to explain the options available to you on maturity and we will require your written consent to re-invest in another product at that time.  In the event that we do not receive your instructions your maturing funds will be transferred to an access Cash ISA.

Transfers out

Upon receipt of your instructions and within the time stipulated by you, your Furness Fixed Rate Cash ISA 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. 

You can transfer your Furness Fixed Rate Cash ISA to a Cash ISA with another ISA provider or to a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA with another ISA provider.

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.  However, we will require your passbook before we do so.

Transfers in

Visit our Transfer my ISA section if you want to transfer another Cash ISA to your Furness Fixed Rate Cash ISA.  On receipt of the documentation we require to arrange the transfer, 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.  However please refer to the important note in the “Investment Limits” section for conditions relating to additional investments.

We will backdate the start date for interest accrual on the funds transferred to us to the date on the existing provider’s cheque.

The Society does not accept transfers in from Stocks and Shares, Innovative Finance ISAs or Lifetime ISAs.

What is an ISA?

The ISA (Individual Savings Account) was developed by the Government to encourage everyone to save long term, whether it is for pleasure or rainy day money. Anyone who pays tax either now or in the future should consider saving money in an ISA to help keep their savings out of the taxman’s reach.

The purpose of this Key Features Document is to provide balanced information so that you can make an informed choice about how to save.

General information about our ISAs

If you are an adult, then in any tax year you can pay into one Cash ISA, one Stocks and Shares ISA, one Innovative Finance ISA and one Lifetime ISA (age restrictions apply to the Lifetime ISA). Furness Building Society only offers Cash ISAs.

From 6 April 2020 you as an investor can subscribe up to £20,000 of which up to £20,000 can be subscribed to a Cash ISA.   Any amount not invested in a Cash ISA can be invested in a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA - subject to the £20,000 overall limit.

2020/2021

 

Example Cash Stocks & Shares Innovative Finance ISA

Lifetime ISA

Max £4,000

1 £1,000 £18,000 £1,000 Nil
2 £20,000 Nil Nil Nil
3 Nil £20,000 Nil Nil
4 Nil Nil £20,000 Nil
5 £8,000 £4,000 £4,000 £4,000

You can hold each type of ISA with different providers or the same provider. In each tax year ISA investors may subscribe to:

• One Cash ISA and/or

• One Stocks & Shares ISA and/or

• One Innovative Finance ISA and/or

• One Lifetime ISA (age restrictions apply)

You cannot subscribe to two (or more) Cash ISAs, two (or more) Stocks & Shares ISAs, two (or more) Innovative Finance ISAs or two (or more) Lifetime ISAs in the same tax year.   You do not have to save in all components and you do not have to save the full amount allowed.

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: 0845 604 1701 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 the 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 need to contact to someone who understands your concerns. You should contact the relevant branch or agency or Head Office department by calling Furness Direct on 0800 83 43 12 or 01229 82 45 60. You can also e-mail us at furness.direct@furness-bs.co.uk or write to us at 51-55 Duke St, Barrow-in-Furness, Cumbria LA14 1RT. 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

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

An eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.

A deposit is excluded from protection if:

  1. The holder and any beneficiary owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union
  2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering
  3. It is a deposit made by a depositor which is one of the following:

• Credit Institution

• Financial Institution

• Investment firm

• Insurance undertaking

• Reinsurance undertaking

• Collective investment undertaking

• Pension or retirement fund *

• Public authority

For further information about exclusions, refer to the FSCS website at www.fscs.org.uk

* Deposits by personal pension scheme, stakeholder pension schemes and occupational pension scheme of micro, small and medium sized enterprises are not excluded.

The Financial Conduct Authority is the independent financial services regulator. It requires us, Furness Building Society, to give you this important information to help you decide whether our Furness Fixed Rate Cash ISA is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.

For more information or details of our interest rates call in at your local branch or agency,

• ring Furness Direct free on 0800 83 43 12

• 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 Savings 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 agencies or by calling Furness Direct on 0800 83 43 12.  Alternatively you can visit our website www.furnessbs.co.uk.

Service Charges - You have previously been provided with a leaflet explaining the Society’s service charges at the time you opened your account.  To view the current service charges information you can visit the Fees and Charges section or request a leaflet from any of our branches or agencies or by calling 0800 83 43 12, where we are always happy to help.

Law – These conditions are governed by the laws of England and Wales.  Those laws are also taken as the basis for the establishment of relations with you prior to the conclusion of any contract between us.

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

The Society is covered by the Financial Ombudsman Service and has a complaints handling procedure.  A copy of the complaints handling procedure is available on request. 

Complaints we cannot settle may be referred to the Financial Ombudsman Service.

Furness Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  Furness Building Society is entered in its Register under number 159624. 

Apply now for a 5 Year Fixed Rate Cash ISA

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.

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