45 Day Notice ISA

Apply by post or in branch

Product Overview

What do these terms mean?

  • Interest Rate is how much you would earn by saving with us, based on a percentage of your total savings.


  • AER (Annual Equivalent Rate) is the interest rate used for comparisons to show how much interest you’ll earn over one year.


  • Start saving from refers to the minimum amount required to open that savings account.


  • Account type refers to the type of savings account.

Account type

Cash ISAs

Start saving from

Current Interest Rate


3.80% Tax Free/AER

Start saving from

Current Interest Rate


3.80% Tax Free/AER

What do these terms mean?

  • Interest Rate is how much you would earn by saving with us, based on a percentage of your total savings.


  • AER (Annual Equivalent Rate) is the interest rate used for comparisons to show how much interest you’ll earn over one year.


  • Start saving from refers to the minimum amount required to open that savings account.


  • Account type refers to the type of savings account.

Want flexible, tax-free savings with access to your money without affecting your ISA allowance?

The 45 Day Notice Cash ISA is a flexible ISA giving you the freedom to access your savings when you need them.

This means that you can withdraw from your savings and pay it back (in the same tax year) without affecting your current year's ISA allowance.

This account is great if...

  • You have an initial deposit of £1,000 
  • You’d like to make regular deposits once opened
  • You’re a UK resident aged 16 or over
  • You don’t need immediate access to your savings


You might want to open a different account if...

  • You've got a lump sum to invest
  • You don't want to be able to touch your savings

Summary Box for the 45 Day Notice ISA

Account Name

45 Day Notice Cash ISA

What is the interest rate?

The current interest rate is 3.80% AER Tax Free.  Tax free means the interest you earn is exempt from UK Income Tax & Capital Gains Tax. Interest is calculated daily and paid annually on 5th April each year.

Interest can be added to your 45 Day Notice Cash ISA account, paid to another suitable Furness account or an external bank/building society account.

Interest may be withdrawn without penalty or notice as one withdrawal within 6 months of being added.

Can Furness Building Society change the interest rate?

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.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current interest rate, if you deposited £1000.00 in this account, after 12 months you would have £1,038.00.

This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rate within the 12 month period.

How do I open and manage my account?

Opening your account

• A 45 Day Notice Cash ISA may only be opened by an individual aged 16 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 will be able to replace Everyday Cash ISA contributions subject to them being replaced in the same tax year.

• You must notify the Society if you cease to meet the residence qualification.

• 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.

• You can open an ISA providing you have not subscribed to another ISA of the same type in that tax year. You must not subscribe to more than one Cash ISA in one tax year.

• The application form must be completed and signed by the applicant.

• The account will be operated in accordance with prevailing rules and regulations and legislation which may, of course, be varied from time to time, by the Government. The favourable tax treatment of ISAs may not be maintained and subscribers should note that it is the Government which is responsible for the tax treatment and not the Society.

• We will satisfy ourselves that anyone we delegate our functions and responsibilities to under the terms agreed is competent to carry them out.

• The 45 Day Notice 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.

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

Savings limits The minimum investment is £1000 and you can save any amount in your 45 Day Notice Cash ISA up to a maximum of your annual allowance. The ‘General Information about our ISAs’ section provides details of the maximum annual allowance.

Cancellation You may cancel your application to subscribe to a 45 Day Notice Cash ISA 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.

Transactions Payments can be made by faster payment, standing order 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 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?

Withdrawals and Closure

You can withdraw from or close your Furness 45 Day Notice Cash ISA without penalty if you can give 45 days’ notice, otherwise you will lose 45 days interest on the amount withdrawn or the closing balance.

The penalty will be charged against the accrued interest. If the penalty is higher than the accrued interest, it will be applied against the remaining capital balance in the account with any remainder being deducted from the amount withdrawn

If the notice period ends on a weekend or Bank Holiday, the notice will be deemed to end on the last working day before the weekend or Bank Holiday, and the amount to be withdrawn will therefore be available from that date.

Notice withdrawals must be for specified amounts unless closure is requested and must only be given to withdraw cleared funds not subject to an existing notice of withdrawal (i.e. notices may not run concurrently against the same funds).

Only one notice must be pending against the account at any one time.

The Society will allow up to 28 days after the day the notice is due, for the transaction to be concluded. If the withdrawal is not made during this period of time, the notice will lapse and a further period of notice will be required to avoid incurring a penalty.

The amount on notice must be withdrawn in one transaction. Withdrawing the sum placed on notice in several transactions is not permitted.

Notice can only be given when there are sufficient cleared funds in your account on the date you give notice. You can give notice for a withdrawal by calling us on 0808 239 1272, by writing to us or by calling in to your local branch.

Subscriptions that have been withdrawn can be put back without affecting your Cash ISA allowance as long as this is done in the same tax year and the account is still open. Withdrawals will be taken from current year’s ISA funds first followed by previous years’ ISA funds. When you pay funds back in, previous years’ funds will be replaced first followed by current year’s funds.

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.

If you open a 45 Day Notice Cash ISA using part of your current tax year’s ISA allowance and then close the account in the same tax year, you cannot then open another Cash ISA in the same tax year.

Additional information

Key Features

• Tax free savings

• Penalty free access to your savings*

• Variable interest rate

*Providing you can give 45 days’ notice, otherwise you will lose 45 days interest on the amount withdrawn or the closing balance.

What is an ISA? 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.

The purpose of this Key Features Document is to provide balanced information so that you can make an informed choice about how to save.

General information about our ISAs If you are an adult, then in any tax year you can pay into one Cash ISA, one Stocks and Shares ISA, one Innovative Finance ISA and one Lifetime ISA (age restrictions apply to the Lifetime ISA). Furness Building Society only offers Cash ISAs.

From 6 April 2023 you as an investor can subscribe up to £20,000 of which up to £20,000 can be subscribed to a Cash ISA. Any amount not invested in a Cash ISA can be invested in a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA - subject to the £20,000 overall limit.


Example Cash Stocks & Shares Innovative Finance ISA Lifetime ISA Max £4,000
1 £1,000 £18,000 £1,000 Nil
2 £20,000 Nil Nil Nil
3 Nil £20,000 Nil Nil
4 Nil Nil £20,000 Nil
5 £8,000 £4,000 £4,000 £4,000

You can hold each type of ISA with different providers or the same provider. In each tax year ISA investors may subscribe to:

• One Cash ISA and/or

• One Stocks & Shares ISA and/or

• One Innovative Finance ISA and/or

• One Lifetime ISA (age restrictions apply)

You cannot subscribe to two (or more) Cash ISAs, two (or more) Stocks & Shares ISAs, two (or more) Innovative Finance ISAs or two (or more) Lifetime ISAs in the same tax year. You do not have to save in all components and you do not have to save the full amount allowed.

Transfers out

Upon receipt of your instructions and within the time stipulated by you, your 45 Day Notice 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. If you withdraw funds from your current year’s allowance you can transfer to a Cash ISA with another provider and replace those funds with them. If you transfer your full ISA balance to another ISA provider you will not be able to replace any previous years’ ISA allowances that you have withdrawn and not paid back in before the account was closed and transferred.
You can transfer your 45 Day Notice Cash ISA to a Cash ISA with another ISA provider or to a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA with another ISA provider.
Investors must complete a transfer application form where an ISA is to be transferred to a new provider. You should stipulate whether your ISA transfer should be with immediate effect (incurring a 45 day interest charge on the amount withdrawn or the closing balance), or following a 45 day notice period (penalty free). Upon receipt of your transfer request from the new ISA provider, and within the time stipulated by you (either with immediate effect or after 45 days’ notice), we will then transfer your 45 Day Notice Cash ISA to them within 5 working days.

Transfers in

If you want to transfer another Cash ISA to your 45 Day Notice Cash ISA you should contact us and we will arrange the transfer. On receipt of the necessary documentation, 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. We will backdate the start date for interest accrual on the transferred funds to the date on the existing provider’s cheque.

The Society does not accept transfers in from Stocks and Shares ISAs, Innovative Finance ISAs or Lifetime ISAs.

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.

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.

Ways to contact us If you have a complaint, you need to contact to someone who understands your concerns. You should contact the relevant branch or Head Office department by calling 0800 83 43 12 or 01229 82 45 60. You can also e-mail us at furness.direct@ furness-bs.co.uk or write to us at Emlyn Hughes House, Abbey Road, Barrow-in-Furness, Cumbria, LA14 5PQ. The Society has a complaints handling procedure and a copy is available on request.

What happens next? We will record your complaint and work hard to resolve it as quickly as possible, however this is dependent on the nature of the complaint as there are different timescales.

Please see the complaint handling procedure for further information.

Financial Ombudsman Service We hope that the final decision you receive will provide you with sufficient information to explain the investigation and how we came to our decision, however, if you are not satisfied with the outcome, you can refer it to the Financial Ombudsman Service (FOS) and ask them to look into it for you. We will send you a leaflet that explains the FOS procedure with our final response. If you decide to refer your complaint to FOS, you must do so within 6 months of our final response. The contact details of the Financial Ombudsman Service are: The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4 567 or 0300 123 9 123 Website: www.financial-ombudsman.org.uk

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:

1. The holder and any beneficiary owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union

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

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

The Financial Conduct Authority is the independent financial services regulator. It requires us, Furness Building Society, to give you this important information to help you decide whether our 45 Day Notice Cash ISA  is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.

For more information or details of our interest rates

• call in at your local branch

• ring us free on: 0800 83 43 12

• 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.

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.

Get the application pack

Download application form

Don’t have a printer?

Call us and request an application pack, and we will send it to you.  Then just post it back to us, or drop it off at your nearest branch.

Lines are open 9am-5pm Monday - Friday

Call us 0800 834 312