Furness Fixed Rate eSavings Cash ISA (Issue 8) Fixed for 2 years
|What is the interest rate?||
The interest rate is fixed at 1.30% AER/Tax Free. Tax free means the interest you earn is exempt from UK Income Tax & Capital Gains Tax.
|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 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 £1,013.00. 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
Savings limits and additional investments
The minimum opening deposit is £1,000 and you can save any amount in your Furness Fixed Rate eSavings Cash ISA (Issue 8) up to a maximum of the Cash ISA allowance. The ‘General Information about our ISAs’ section provides details of the maximum annual allowance.
Important: Because you cannot make additional deposits to your Furness Fixed Rate eSavings Cash ISA (Issue 8) after opening, if you invest current year subscriptions less than your annual allowance at the time you open your account, you will limit the amount you can hold in a Cash ISA in that tax year. You can however still invest up to your annual ISA investment allowance in a Stocks and Shares ISA, Innovative Finance ISA or Lifetime ISA. The ‘General information about our ISAs’ section provides details of the maximum annual allowance.
Managing your account
This Cash ISA is only available to open and operate online.
You may cancel your application to subscribe to a Furness Fixed Rate eSavings Cash ISA (Issue 8) during the first 30 days after the account was opened. Any such request must be made in writing to our Head Office. Interest will be paid to you during the cancellation period.
We will write to acknowledge your cancellation and notify you that the cancelled subscription does not count as a subscription to an ISA.
You may still subscribe to another Cash ISA in the same year and for the full amount once your Cash ISA has been cancelled.
If you do not exercise your right to cancel in the first 30 days the ISA will be treated as your Cash ISA for that tax year and you will not be able to subscribe to another Cash ISA in that same tax year. You will also be bound by the terms and conditions detailed in this Key Features Document.
Payments 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. These payments must be from your own funds and not from a third party.
|Can I withdraw money?||
Closure of your Furness Fixed Rate eSavings Cash ISA (Issue 8) prior to maturity will be permitted subject to 180 days loss of interest, calculated at the rate at which interest is paid in your account.
The penalty will be charged against accrued interest. If sufficient interest has not accrued then the remaining penalty will be deducted from the balance at the time of closure.
No partial withdrawals allowed.
On the instructions of the account investor and within such time as is stipulated by the account investor in the withdrawal instructions all the investments held in the ISA and proceeds arising from these investments shall be transferred or paid to the account investor. Please refer to the Transfers out section for more information.
The ISA will mature two years from date of opening.
Upon receipt of your instructions and within the time stipulated by you, your Furness Fixed Rate eSavings Cash ISA (Issue 8) 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.
If you want to transfer another Cash ISA to your Furness Fixed Rate eSavings Cash ISA (Issue 8) you should contact us to ask us to arrange the transfer. 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.
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.
You can hold each type of ISA with different providers or the same provider. In each tax year ISA investors may subscribe to:
• One Stocks & Shares ISA and/or
• One Innovative Finance ISA and/or
• One Lifetime ISA (age restrictions apply)
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.
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.
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.
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.
A deposit is excluded from protection if:
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
• ring Furness Direct free on: 0800 83 43 12
• visit our website www.furnessbs.co.uk or
• email firstname.lastname@example.org
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.
Your call may be monitored or recorded to maintain a quality service.