Furness Lifestyle Saver (This product is only available within the Society’s Branch and Agency network)
|What is the interest rate?||
The current interest rate is:
1.80% Gross / 1.80% AER.
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 Investment Terms and Conditions.
|What would the estimated balance be after 12 months?||
If you open the account with 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 £3029.17.
This figure is for illustration purposes and is based on no withdrawals or changes in interest rate within the 12 month period.
|How do I open and manage my account?||
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 access the application form 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
The minimum opening deposit is £1.
The maximum opening deposit is £250 (£500 joint). The Furness Lifestyle Saver is strictly limited to one account per customer. This means that if you have a joint account, you cannot open another account in your sole name.
You must make a monthly payment 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 30 days written notice and transfer your balance to an access account and the relevant 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. 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.
To manage your account, visit us at a branch or agency or by sending us your written instructions.
|Can I withdraw money?||
The Furness Lifestyle Saver allows one withdrawal to be made in each anniversary year. This one withdrawal will include any withdrawals of interest. It is up to you when your withdrawal is made and you can choose to make your one withdrawal at a different time in each anniversary year that you continue to save. Just leave £1 or more in your account and carry on saving each month. If more than one withdrawal is required in the anniversary year, your account must be closed. You can close your account at any time without notice or penalty.
This product is only available within the Society’s Branch and Agency network
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.
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.