At the Furness, we thrive on being an active part of the communities we serve. We recognise that even in these days of improved connectivity, our branches are still really important to many of our customers and so we’ve launched a new Regular Saver account with a great rate of interest – only available to open in branch.
Current Interest Rate
Type of Account
1 Year Regular Saver (Issue 2)
|What is the interest rate?||
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.
|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 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 Savings Terms and Conditions.
|What would the estimated balance be after 12 months and at the end of the term||
If you open the account with maximum opening deposit of £500, and deposit the maximum monthly deposit of £500 on the first day of each month, after 12 months you would have £6,081.64.
|How do I open and manage my account?||
Opening your account
To open your account you must be 16 or over and a permanent resident in the UK. Simply call into your local Furness branch or agency. 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 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 you will receive a passbook.
This account can only be opened in a branch or agency. You can only hold one 1 Year Regular Saver (Issue 2) at any one time.
The minimum opening deposit is £1.
The maximum opening deposit is £500.
You must make a monthly deposit of between £1 and £500 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 or agency.
Please ensure that cheques are made payable to the account holder and quote the account number on the payee line.
|Can I withdraw money?||
The 1 Year Regular Saver (Issue 2) allows unlimited withdrawals without notice or penalty. You can make a withdrawal at a branch or agency, or by writing to our Head Office address. You must leave at least £1 in your account at all times. You can close your account at any time without notice or penalty.
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 agency, call us on 0800 834 312 or visit our website. You must read the General Savings Terms and Conditions and Other Important information leaflet to ensure that you fully understand how your account works and your responsibilities as an account holder.
*Gross 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)