Furness Building Society offers a range of fixed rate bonds that can help you grow your savings over time. These savings accounts can range from 1 to 5 years and can be managed in branch or online.
1.10% Five Year Fixed Rate eSavings Bond – Issue 6
|What is the interest rate?||
The interest rate is fixed at 1.10% 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 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 the balance would be £1,011.00, at the end of the five year term the maturity balance would be £1,056.22.
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 available to open online.
The Bond is not available to deposit account holders or a saver under the age of 18.
Savings limits and additional deposits
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.
Managing your account
Once the eSavings Bond is opened online the payment 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.
|Can I withdraw money?||
No withdrawals or closure are allowed within the five year term.
This five 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.
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.
Complaints – we always try to provide a first class service. Occasionally, however, things can go wrong. If they do, we’ll try to put them right. If you have a complaint you should where possible contact your local branch or call us on 0800 83 43 12 or 01229 82 45 60. You can also e-mail us at firstname.lastname@example.org or write to us at Emlyn Hughes House, Abbey Road, Barrow-in-Furness, Cumbria, LA14 5PQ. If we do not deal with your complaint to your satisfaction, you can refer it to the Financial Ombudsman Service. Details of this service are available on request at any of our offices.
Law – These conditions are governed by the laws of England and Wales. Those laws are also taken as the basis for the establishment of relations with you prior to the conclusion of any contract between us.
Language – All communications between you and us will be in English unless we specifically agree otherwise.
Service Charges - You have previously been provided with a leaflet explaining the Society’s service charges at the time you opened your account. To view the current service charges information you can visit the About Us section of our website www.furnessbs.co.uk or request a leaflet from any of our branches or agencies or by calling 0800 83 43 12, where we are always happy to help.
Financial Services Compensation Scheme - 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.
An eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.
A deposit is excluded from protection if:
• Credit Institution
• Financial Institution
• Investment firm
• Insurance undertaking
• Reinsurance undertaking
• Collective investment undertaking
• Pension or retirement fund *
• Public authority
For further information about exclusions, refer to the FSCS website at www.fscs.org.uk
* Deposits by personal pension scheme, stakeholder pension schemes and occupational pension scheme of micro, small and medium sized enterprises are not excluded.
Your call may be monitored or recorded to maintain a quality service.