5 Year Fixed Rate Bond (Issue 3)
|What is the interest rate?||
The interest rate is fixed at 1.85% Gross/AER.
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 Bond 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 term?||
Based on the fixed rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,018.50. At the end of the five year term the maturity balance would be £1,095.99.
These figures are 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.
The Bond is not available to deposit account holders or a saver under the age of 18.
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 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 closures are allowed within the term
This bond are share accounts 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 previously supplied to you. It contains important information to help you fully understand how your account works and your responsibilities as an account holder.
A copy is available on request from any of our branches or agencies or by calling 0800 834312. Alternatively you can visit our website www.furnessbs.co.uk.
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.
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 on the Financial Services Register under registration number 159624.
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.