3 Year Regular Saver
|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 the maximum opening deposit of £250, and deposit the maximum monthly deposit of £250 on the first day of each month, after 12 months you would have £3,022.75. At the end of the three year term the maturity balance will be £9,194.01
These figures are for illustration purposes and are based on no withdrawals or changes in interest rate within the term.
|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, call us on 0800 834 312 or access the application form on our website www.furnessbs.co.uk. 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 calling 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, or by post you will receive a passbook.
The Furness Regular Saver has three terms to choose from, so you can open an account for 1, 2 or 3 years. You can only be named on one of each account type at any one time.
The minimum opening deposit is £1. The maximum opening deposit is £250 (£500 joint). You must make a monthly deposit of between £1 and £250 (£500 joint) 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 each anniversary 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 electronic 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 Regular Saver allows one withdrawal to be made in each anniversary year. If more than one withdrawal is required in the anniversary year, we will transfer your balance to an access account and the relevant terms and conditions and interest rate will apply. We will notify you of this at that time. As long as you leave £1 or more in your account you can carry on saving each month. You can close your account at any time without notice or penalty.
We will contact you 14 days before your Regular Saver 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 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)
Please confirm you have read the important information below. Only when you have read the information and fully understand how the account works should you click to download the application form. We recommend that you print a copy of the documents for your records and keep them in a safe place.