The current interest rate is 3.25% Gross/AER*

Interest is variable, calculated on a daily basis and is added to your account. Interest is paid half yearly on 30 June and 31 December.

As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed.

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 Investment 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 £1,032.50

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

Opening your account

To open your account you must be permanently resident in the UK. The account holder must be under 18 years old and will at all times remain the sole owner of all the money in the account.

The purpose of the Furness Young Savers Account is to encourage the savings habit and financial responsibility at an early age. The young saver remains the account holder, however young savers under the age of 13 must have their account operated by a responsible adult. At the age of 13, the young saver can operate the account providing a change of signatory is signed by the previous operator to transfer the account. However, the responsible adult takes responsibility for understanding;

• How the account will operate

• The terms and conditions

• The ‘Key Facts about your personalinformation and what we do with it’

Simply call into your local Furness branch, call Furness Direct on 0800 834 312 or access the application form below. The young saver and any operator will need to provide some identification when the account is opened and details of our requirements can be obtained from your local branch, 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.

Savings limits and additional investments

Minimum investment £1 - Maximum investment is £10,000. You can add to the account at any time subject to the maximum investment limit of £10,000.

Payments into the account can be made 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 the account holder and quote the account number on the payee line.

To manage your account, visit us at a branch or by sending us your written instructions.

Savings can be withdrawn, providing the funds are for the benefit of the young saver. Withdrawals are available without notice or penalty in either cash or cheque. All cheque withdrawals should be made payable to the young saver, however, in appropriate circumstances may be made payable to a third party providing the funds are for the benefit of the young saver. You must always present the passbook to make a withdrawal or close your account.

Please note that branch limits apply to cash withdrawals.

When the young saver reaches age 18, the account will be transferred to an access account and can no longer be operated by the parent/guardian. We will contact you at this time to let you know what other options are available.

Please note that the Furness offers other Young Saver accounts and if you would like details, please ask at your local branch, call Furness Direct on 0800 834 312 or visit our website.

You must read the General Investment Terms and Conditions and Other Important Information leaflet to ensure you fully understand how your account works and your responsibilities as an account holder.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest is paid and added to your account each year. From 6 April 2016, if the total Savings interest you receive in a tax year is more than any Personal Savings Allowance that applies to you, you may have to pay tax on it. You will need to do this directly with HMRC, as Banks and Building Societies no longer deduct tax from your account interest. From 6 April 2016, if you’re a basic rate tax payer you’ll be able to earn up to £1,000 in savings income, tax free. Higher rate tax payers will be able to earn up to £500. Additional rate tax payers will not receive any savings interest tax allowance.