1.35% Two Year Fixed Rate Bond Issue 23
|What is the interest rate?||
The interest rate is fixed at 1.35% Gross/1.35% AER.
Interest is calculated daily and paid annually on the anniversary of the account opening date and on maturity. Annual interest can be added to the Bond account or paid to a nominated bank account or other suitable Furness account. Alternatively you can choose to have the interest paid monthly to a nominated bank account or other suitable Furness account. Monthly interest cannot be added to the Bond account.
|Can Furness Building Society change the interest rate?||
As the interest rate is fixed, the rate will not change for the term of the account.
|What would the estimated balance be after 12 months and at the end of the fixed rate period based on a £1,000 deposit?||
Based on the fixed rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,013.50. At the end of the two year term the maturity balance would be £1,027.18.
This figure is for illustration purposes only and is based on annual interest being added to the account on the anniversary each year.
|How do I open and manage my account||
Opening your account
Simply call into your local Furness branch or agency or call Furness Direct on 0800 834 312 to request an application pack. 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.
The Bond is not available to deposit account holders or an investor under the age of 16.
Savings limits and additional investments
The minimum investment in the Bond is £1,000 and a maximum is £250,000 (£500,000 joint). Additional investments in the Bond after the starting date will not be permitted.
Payments into the account can be made by electronic payment, 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.
Transfers in from other Furness Building Society accounts will be permitted without notice or penalty.
Managing your account
Transfers of name or additional account holders can be arranged on request. To manage your account, visit us at a branch or agency or by sending us your written instructions.
|Can I withdraw money?||
No withdrawals or closure are allowed within the two year term.
This two year Bond is a share account with Furness Building Society. The Bondholder agrees to be bound by the rules of the Society (copies available on request) and the terms and conditions in addition to the General Investment Terms and Conditions. The following information must be read in conjunction with the separate "General Investment Terms and Conditions and Other Important Information"
booklet previously supplied to you. These contain important information to help you fully understand how your account works and your responsibilities as an account holder. Current copies are available on request from any of our Branches or Agencies or by calling 0800 834312. Alternatively you can visit our website www.furnessbs.co.uk.
You have 14 days after the contract is entered into to notify us in writing at our Head Office or one of our branches or agencies 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 Terms and Conditions.
The Bond will mature two years from date of opening.
We will write to you within 14 days of the maturity date of your Bond to explain the options available to you on maturity and we will require your written consent to re-invest in another product at that time. In the event that we do not receive your instructions your maturing funds will be transferred to our Furness Access Saver.
The Bond can be closed on the death of the investor with no notice or charge.
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). Tax free means the interest you earn is exempt from UK Income Tax and Capital Gains Tax. From 6 April 2016 the Government has introduced a personal savings allowance. The allowance is £1,000 for basic rate tax payers and £500 for higher rate tax payers. There is no allowance for additional rate tax payers. From this date tax will not be deducted from the interest the Furness Building Society pays on your savings. If you have any savings income over your personal savings allowance you will have to pay some tax on this. HMRC will normally collect the tax by changing your tax code. Interest from ISAs does not count towards your personal savings allowance because it is already tax free.
The Society is covered by the Financial Ombudsman Service and has a complaints handling procedure. A copy of the complaints handling procedure is available on request. Complaints we cannot settle may be referred to the Financial Ombudsman Service. 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 entered in its Register under number 159624.
Your call may be monitored or recorded to maintain a quality service.
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.