The current interest rate is 4.50% Gross/AER

Interest is variable and is added to your account on the anniversary of the account opening date. Interest is calculated on a daily basis. This means that deposits received in earlier months will receive more interest in the year than those received in the later months, as the funds will have been in your account for a longer time.

1. 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 Savings Terms and Conditions.

If you open the account with maximum opening deposit of £250 and deposit the maximum monthly deposit of £250 on the first day of each month, after 12 months you would have £3074.14

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 16 or over and a permanent resident in the UK. The regular saver can only be opened as a single account. This product is limited to one account per person. Any additional accounts will be closed, with the original account remaining open.

Simply call into your local Furness branch, call us on 0800 834 312 or download the application form at the foot of this page. You will need to provide some identification when you open your account and details of our requirements can be obtained from your local branch or by contacting us by telephone or on our website. If you are already a Furness customer, in most cases this will not be necessary. When you open your account in the branch or by post you will receive a passbook.

Savings limits

The minimum opening deposit is £1. The maximum opening deposit is £250.

You must make a monthly deposit of between £1 and £250 per calendar month. You can vary the amount you pay in each month subject to the minimum and maximum limits.

You can make as many payments as you like each month subject to the maximum limit. One payment of at least £1 must be made to your account each month, meaning that at least 12 payments must be made to your account in the year. The anniversary year means a year from the date of opening.

If a monthly payment is missed we will give you 14 days written notice and transfer your balance to an access account and the relevant interest rate will apply from this date. Payments into the account can be made by faster payment, standing order or by cash or cheque at your local branch. Please ensure that cheques are made payable to the account holder and quote the account number on the payee line.

The Regular Saver allows one withdrawal to be made in the term. If more than one withdrawal is required in the anniversary year, we will transfer your balance to an access account and the relevant terms and conditions and interest rate will apply. We will notify you of this at that time. As long as you leave £1 or more in your account you can carry on saving each month. You can close your account at any time without notice or penalty.

Maturity

The account will mature one year from date of opening.

We will write to you 14 days before the account 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.

Please note that Furness Building Society offers other savings accounts and if you would like details, please ask at your local branch or call us on 0800 834 312 or view our accounts here. You must read the General Savings Terms and Conditions and Other Important information to ensure that 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 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 allowance. This is called the Personal Savings Allowance. This means that most people will no longer pay tax on savings interest. Banks and building societies will stop deducting tax from your account interest.

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.