2 Year ISA

The interest rate is fixed at 3.95% AER/Tax Free. Tax free means the interest you earn is exempt from UK Income Tax & Capital Gains Tax.

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).

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 ISA account or paid to a nominated bank account or other suitable Furness account.

As the interest rate is fixed, the rate will not change for the term of the account.

Based on the fixed rate of interest, if you deposited £1,000 in this account, after 12 months the balance would be £1,039.50, at the end of the two year term the maturity balance would be £1,080.56

This figure is for illustration purposes only and is based on annual interest being added to the account on the anniversary each year.

Opening your account
•    A Furness Fixed Rate Cash ISA may only be opened by an individual aged 18 or over who is resident or ordinarily resident in the UK (subject to exceptions for certain Crown employees).  If you cease to be resident in the UK you may not make any further contributions to a Cash ISA although it can remain open and accumulate tax free interest. 
•    You can only open a Cash ISA in your own name. Throughout the time you hold your account, you must be the sole beneficial owner of the money invested in it. You must not charge your account or use it as security for a loan. 
•    The Furness Fixed Rate Cash ISA is a share account which confers membership rights and is subject to the Rules of the Society.  Copies of the Rules can be obtained from any branch or from our Head Office. 
Managing your account
You can open and manage your account via the Furness Savings app on your mobile, via our website on your pc, by calling into your local Furness branch, or by calling us on 0800 834 312. Alternatively, you can download an application form from our website.

When you open your account in branch you will receive a passbook.

You will need to provide some identification when you open your account and details of our requirements can be obtained from our website or your local branch. If you are already a Furness customer, in most cases this will not be necessary. 

Savings limits and additional investments
The minimum opening deposit is £1,000. The current Cash ISA allowance for 2025/2026 tax year is £20,000, you can also transfer in previous years Cash ISAs from other providers and other Furness Cash ISAs.

You need to make sure we’ve received the money you’re using to open the account (or an ISA transfer in request form) within 14 calendar days of your application being received.  If we do not receive the funds or a transfer in request form within this time we will cancel your application. You can only make one deposit into the account at the time of opening and any additional receipts will be returned. 

Once you have opened your Fixed Rate Cash ISA you will not be able to make any further payments to the account.

Transfers in
If you want to transfer another Cash ISA to your Furness Fixed Rate Cash ISA 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.
On receipt of the funds from your existing ISA provider we will credit your account within 3 working days.  However please refer to the important note in the “Savings limits and additional investments” section for conditions relating to additional investments.

We will backdate the start date for interest accrual on the funds transferred to us to the date on the existing provider’s cheque if applicable. 

The Society does not accept partial transfers in or out (except from previous tax years), or transfers in from Stocks and Shares, Innovative Finance ISAs or Lifetime ISAs.

Transactions
Payments can be made by electronic payment, 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 yourself on the payee line.  These payments must be from your own funds and not from a third party.  

Cancellation 
You may cancel your application to subscribe to a Furness Fixed Rate Cash ISA during the first 30 days after the account was opened. Any such request must be made in writing to our Head Office or your local branch. Interest will be paid to you during the cancellation period. We will contact you to acknowledge your cancellation and notify you that the cancelled subscription does not count as a subscription to an ISA. 

Withdrawals
No partial withdrawals are allowed.

Transfers out
Upon receipt of your instructions and within the time stipulated by you, your Furness Fixed Rate Cash ISA 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.  

Investors must complete a transfer application form where an ISA is to be transferred to a new provider. Upon receipt of your transfer request from the new ISA provider we will transfer your Furness Fixed Rate Cash ISA to them within 5 working days with no loss of interest.  

Closure
You are able to close your account prior to maturity subject to 180 days loss of interest. 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.  

Maturity 
We will contact you within 14 calendar days of the maturity date of your ISA to explain the options available to you on maturity and we will require your consent to transfer into another product at that time.  In the event that we do not receive your instructions your maturing funds will be transferred to an access Cash ISA.

Any applicable CHAPS fee will be waived at account maturity for withdrawals or account closures.

Key Features
•    Tax free savings
•    Interest is fixed for the term of the ISA
•    Closure subject to 180 days loss of interest

HM Revenue & Customs Return 
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. 

Voids 
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: 0300 200 3312 for advice. 

Death of the investor 
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.  Please contact us if you wish to discuss an Additional Permitted Subscription (APS). 

For more information or details of our interest rates:
●    Call in at your local branch
●    Ring us free on: 0800 781 4311
●    Visit our mobile app
●    Visit our website www.furnessbs.co.uk or
●    Email furness.direct@furness-bs.co.uk

The information contained in this Key Features Document must be read in conjunction with the General Terms & Conditions and Other Important information booklet previously supplied to you.  These contain important information to help you fully understand how your account works and your responsibilities as an account holder.  Current copies are available on request from any of our branches or by calling Furness Direct on 0800 83 43 12.  Alternatively you can visit our website www.furnessbs.co.uk.

Service Charges - 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 by calling 0800 83 43 12.

Language – All communications between you and us will be in English unless we specifically agree otherwise.