Croft Care Trust Community Account

The current interest rate is: 0.10% Gross / 0.10% AER

Interest is variable, calculated on a daily basis and is paid annually on 31 December.

Interest can be added to your Furness Community Account, paid to another suitable Furness account or an external bank/building society account.

As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed.

If we increase the rate we will tell you within 30 days of the change. 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 Investment Terms and Conditions.

Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,001.

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

Opening your account

To open your account you must be permanently resident in the UK.

Simply call into your local Furness branch or agency, call Furness Direct on 0800 834 312 or you can apply online below.

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 agency, by contacting Furness Direct or on our website. 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 and additional investments

Minimum investment £1 - Maximum investment £250,000 (£500,000 in a joint account). You can add to your account at any time subject to the maximum investment limit.

Payments into the account can be made by faster payment, standing order 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 the account holder and quote the account number on the payee line.

To manage your account, visit us at a branch or agency or by sending us your written instructions.

You can withdraw from your account at any time without notice or penalty by visiting us at a branch or agency or by sending us your written instructions. You must always present your passbook to make a withdrawal or close your account.

Please note that branch and agency limits apply to cash withdrawals.

If you open this account online you will not be able to withdraw from your savings for 14 days after we receive your initial opening payment.

Furness Building Society will make a cash payment to Croft Care Trust each year equal to 0.50% of the average total balance held in all Croft Care Trust Affinity Accounts.

Please note that the Furness offers other Access Accounts and if you would like details, please ask at your local branch or agency, call Furness Direct on 0800 834 312 or visit our website.

You must read the General Investment Terms and Conditions and Other Important Information leaflet to ensure 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.