1 Year Monthly Income Bond

The interest rate is fixed at 4.17% Gross/ 4.25% AER

Interest is calculated daily and paid monthly. Payments will be made to your nominated bank account on the same day each month as the date your account was opened. Your nominated bank account must be in your name and may be an external account or another suitable Furness account.

Alternatively, you may choose to have interest paid into this account. If you do, interest will be added to the account balance and will itself earn interest in subsequent months (i.e. it will compound).

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 £1,000.00 in this account, you would recieve monthly interest payments of £3.48 on average. Monthly payments may vary slightly depending on the number of days in each month.

If these payments are paid out to another account, at the end of the one year term the maturity balance would be £1,000.00. The total gross interest payments would be £41.70. 

If these payments are paid back into the account, at the end of the on year term the maturity balance would be £1,042.50. 

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

Simply open an account by calling into your local Furness branch, or by calling us on 0800 834 312. Alternatively, you can download an application from from the website.

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.

The Bond is available to savers over the age of 18.

To open this account you must be permanently resident in the UK

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.
You need to make sure we’ve received the money you’re using to open the account within 14 calendar days of your application being received. If we do not receive the funds within this time we will cancel your application.

Managing your account

Transfers of name or additional account holders can be arranged on request.  To manage your account you can login to your account via the Furness Savings app or on our website, contact us via phone, visit us at your local Furness branch, or send us your written instructions.

No withdrawals or closures are allowed within the term.

Maturity

We will contact you 14 calendar 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. 

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

This 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.

*Where interest is paid Gross this means tax will note be deducted from the interest Furness Builing Society pays on your savings. † AER stands for the Annual Equivalent Rate and illustrates what the interst rate would be if interest was pad and added each year (exluding bonuses)

• 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.

This product is a limited offer and can be withdrawn at any time and without prior notice.

You have 14 calendar days after the contract is entered into to notify us in writing at our Head Office or one of our branches 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 product terms and conditions.

General information
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 furness.direct@furness-bs.co.uk 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.

Please note: Where interest is paid Gross this means tax will not be deducted from the interest Furness Building Society pays on your savings.

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). Furness Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Furness Building Society is on the Financial Services Register under registration number 159624.

Your call may be monitored or recorded to maintain a quality service.