The current interest rate is 1.30% Gross/AER.
Gross means tax will not be deducted from the interest Furness Building Society pays on your savings.
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 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 a £1,000 deposit?||
Based on the fixed rate of interest, if you deposited £1,000.00 in this account, after 12 months you would have £1,013.00. At the end of the two year term the maturity balance would be £1,026.17.
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
To open an account the organisation must be registered in the UK and all individuals operating the account must be a permanent resident in the UK and over the age of 18.
When you open the account you will receive a passbook.
Minimum deposit £1,000 – Maximum deposit £500,000. Additional investments in the Bond after the starting date will not be permitted. Initial payments into the account can be made by electronic payment, standing order 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 the account name and quote the account number on the payee line.
Transfers in from other Furness Building Society fixed rate accounts will not be permitted.
|Can I withdraw money?||
No withdrawals are allowed on this account within the fixed term period.
Please note that the Furness offers other products for organisations and if you would like details, please ask at your local branch or agency, call us on 0800 834 312 or visit our website. You must read the General Savings Terms and Conditions and Other Important Information leaflet to ensure you fully understand how your account works and your responsibilities as an account holder.
This bond can be withdrawn at any time and without notice.
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 Terms and Conditions.
The Bond will mature two years from date of opening.
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.