1.85% Three Year Fixed Rate eSavings Bond – Issue 10
|What is the interest rate?||
The interest rate is fixed at 1.85% Gross/1.85% 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 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 £1,018.50. At the end of the three year term the maturity balance would be £1,056.53.
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 and managing your account
The Bond is only available to open and operate online.
The Bond is not available to deposit account holders or an investor under the age of 16.
Savings limits and additional investments
The minimum investment in the Bond is £1,000 and a maximum is £250,000 (£500,000 joint). Additional investments in the Bond after the starting date will not be permitted.
Once the eSavings Bond is opened online the investment 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 accounts will be permitted without notice or penalty.
|Can I withdraw money?||
No withdrawals or closure are allowed within the three year term.
This three year eSavings Bond is a share account with Furness Building Society and you will become a member of the Society on opening the account. The Bondholder agrees to be bound by the rules of the Society and the terms and conditions in addition to the Furness eSavings Online General Terms and Conditions. You must read the ‘Furness eSavings Online General Terms and Conditions’ to ensure you fully understand how your account works and your responsibilities as an account holder.
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 three years from date of opening.
We will write to you within 14 days of the maturity date of your Bond to explain the options available to you on maturity and we will require your 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 online access account.
The Bond can be closed on the death of the investor with no notice or charge.
This account is a non-payment account and therefore would not be used for making payment transactions.
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). Tax free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. From 6 April 2016 the Government has introduced a personal savings allowance. The allowance is £1,000 for basic rate tax payers and £500 for higher rate tax payers. There is no allowance for additional rate tax payers. From this date tax will not be deducted from the interest the Furness Building Society pays on your savings. If you have any savings income over your personal savings allowance you will have to pay some tax on this. HMRC will normally collect the tax by changing your tax code. Interest from ISAs does not count towards your personal savings allowance because it is already tax free.
Your call may be monitored or recorded to maintain a quality service.