Everyday Cash ISA

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Product Overview

What do these terms mean?

  • Interest Rate is how much you would earn by saving with us, based on a percentage of your total savings.


  • AER (Annual Equivalent Rate) is the interest rate used for comparisons to show how much interest you’ll earn over one year.


  • Start saving from refers to the minimum amount required to open that savings account.


  • Account type refers to the type of savings account.

Account type

Cash ISAs

Start saving from

Current Interest Rate


3.05% Tax Free/AER

Start saving from

Current Interest Rate


3.05% Tax Free/AER

What do these terms mean?

  • Interest Rate is how much you would earn by saving with us, based on a percentage of your total savings.


  • AER (Annual Equivalent Rate) is the interest rate used for comparisons to show how much interest you’ll earn over one year.


  • Start saving from refers to the minimum amount required to open that savings account.


  • Account type refers to the type of savings account.

Want flexible, tax-free savings with easy access to your money whenever you need it? Our Everyday Cash ISA could be the perfect match.

The Everyday Cash ISA is a tax-free savings account, which allows you to withdraw funds and put them back without affecting your Cash ISA allowance for the tax year. 

You can also save up to the ISA allowance each tax year without paying tax on the interest you earn.

This account is great if...

  • You’d like to make regular deposits and withdrawals
  • You’re a UK resident aged 18 or over
  • You’d like to save up to £20,000 tax-free per year


You might want to open a different account if...

  • You'd like to lock away your savings over a fixed term

Summary Box for the Everyday Cash ISA

Account Name Furness Everyday Cash ISA (Issue 3)
What is the interest rate?

The current interest rate is 3.05% AER Tax Free. Tax free means the interest you earn is exempt from UK Income Tax & Capital Gains Tax.
Interest is calculated daily and paid annually on 5th April each year.

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

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 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 based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1,000.00 in this account, after 12 months you would have £1,030.50

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

How do I open and manage my account?

Opening your account

• A Furness Everyday Cash ISA (Issue 3) may only be opened by an individual aged 18 or over who is resident or ordinarily resident in the UK (subject to exceptions for certain Crown employees). If you cease to be resident in the UK you may not make any further contributions to a Cash ISA although it can remain open and accumulate tax free interest. You will be able to replace Everyday Cash ISA contributions subject to them being replaced in the same tax year.

• You must notify the Society if you cease to meet the residence qualification.

• You can only open a Cash ISA in your own name. Throughout the time you hold your account, you must be the sole beneficial owner of the money invested in it. You must not charge your account or use it as security for a loan.

• The application form must be completed and signed by the applicant.

• The account will be operated in accordance with prevailing rules and regulations and legislation which may, of course, be varied from time to time, by the Government. The favourable tax treatment of ISAs may not be maintained and subscribers should note that it is the Government which is responsible for the tax treatment and not the Society.

• We will satisfy ourselves that anyone we delegate our functions and responsibilities to under the terms agreed is competent to carry them out.

• The Everyday Cash ISA is a share account which confers membership rights and is subject to the Rules of the Society. Copies of the Rules can be obtained from any branch or from our Head Office.

Simply call into your local Furness branch. You will need to provide some identification when you open your account and details of our requirements can be obtained from your local branch. 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.

Changes following the Government’s Autumn Statement in October 2023: From 6 April 2024, multiple subscriptions are permitted in each tax year to ISA’s of the same type, however all subscriptions must remain within the overall ISA subscription limit of £20,000.

Subscriptions with the Society remain limited to one ISA held with us in any tax year.

Partial transfers of current year ISA subscriptions between providers will also be allowed from 6 April 2024, however, the Society will continue to allow full transfers in and out only.

From 6 April 2024 it will not be possible for anyone aged 16 or 17 and under to subscribe to more than one cash ISA. This is a mandatory change with transitional arrangements.

From 6 April 2024, the minimum age for an ISA with the Society will be 18, in preparation for the end of the transitional arrangements which end at midnight on 5 April 2026.

Where an individual aged 16 or 17 prior to 6 April 2024 holds an existing cash ISA, they may continue to subscribe to it or transfer it in full to another cash ISA after 6 April 2024.

Savings limits The minimum investment is £1 and you can save any amount in your Everyday Cash ISA up to a maximum of your annual allowance. The ‘General Information about our ISAs’ section provides details of the maximum annual allowance.

Cancellation You may cancel your application to subscribe to a Everyday Cash ISA during the first 30 days after the account was opened. Any such request must be made in writing to our Head Office. Interest will be paid to you during the cancellation period.

We will write to acknowledge your cancellation and notify you that the cancelled subscription does not count as a subscription to an ISA.

You may still subscribe to another Cash ISA in the same year and for the full amount once your Cash ISA has been cancelled.

If you do not exercise your right to cancel in the first 30 days the ISA will be treated as a Cash ISA for that tax year and you will not be able to subscribe to another Cash ISA in that same tax year with the Society. You will, however, will be able to subscribe to additional Cash ISAs with other providers, within the overall ISA subscription limit of £20,000. You will also be bound by the terms and conditions detailed in this Key Features Document.

Transactions Payments can be made by faster payment, standing order or by cash or cheque at your local branch. 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. These payments must be from your own funds and not from a third party.

Can I withdraw money?

Withdrawals can be made without penalty.

Subscriptions that have been withdrawn can be put back without affecting your Cash ISA allowance as long as this is done in the same tax year and the account is still open. Withdrawals will be taken from current year’s ISA funds first followed by previous years’ ISA funds. When you pay funds back in, previous years’ funds will be replaced first followed by current year’s funds.

On the instructions of the account investor and within such time as is stipulated by the account investor in the withdrawal instructions all the investments held in the ISA and proceeds arising from these investments shall be transferred or paid to the account investor. Please refer to the Transfers out section for more information.

Additional information

Key Features

• Tax free savings

• Penalty free access to your savings

• Variable interest rate

• Flexible ISA withdrawals

What is an ISA? The ISA (Individual Savings Account) was developed by the Government to encourage everyone to save long term, whether it is for pleasure or rainy day money. Anyone who pays tax either now or in the future should consider saving money in an ISA to help keep their savings out of the taxman’s reach.

The purpose of this Key Features Document is to provide balanced information so that you can make an informed choice about how to save.

General information about ISAs If you are an adult, then in any tax year you can pay into multiple Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and one Lifetime ISA (age restrictions apply to the Lifetime ISA). Furness Building Society only offers Cash ISAs, and you can subscribe to only one with the Society, but can subscribe to additional Cash ISAs across other providers within the £20,000 overall limit.

From 6 April 2024 you as an investor can subscribe up to £20,000 of which up to £20,000 can be subscribed to a Cash ISA with the Society or across multiple providers. Any amount not invested in a Cash ISA can be invested in Stocks & Shares ISAs, Innovative Finance ISAs or one Lifetime ISA - subject to the £20,000 overall limit.

Example Cash Stocks & Shares Innovative Finance ISA Lifetime ISA Max £4,000
1 £1,000 £18,000 £1,000 Nil
2 £20,000 Nil Nil Nil
3 Nil £20,000 Nil Nil
4 Nil Nil £20,000 Nil
5 £8,000 £4,000 £4,000 £4,000

You can hold each type of ISA with different providers or the same provider. In each tax year ISA investors may subscribe to:

• Multiple Cash ISA and/or

• Multiple Stocks & Shares ISA and/or

• Multiple Innovative Finance ISA and/or

• One Lifetime ISA (age restrictions apply)

 You do not have to save in all components and you do not have to save the full amount allowed.

Transfers out Upon receipt of your instructions and within the time stipulated by you, your Furness Everyday Cash ISA (Issue 3) with all rights and obligations shall be transferred to another ISA manager. You should contact them and ask them to arrange the transfer. If you transfer your current year subscriptions to a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA it will be as if your Cash ISA subscriptions were not made and you can subscribe to another Cash ISA in the same tax year, subject to the overall subscription limits. You can transfer previous years’ ISA subscriptions without affecting your annual ISA allowance. If you withdraw funds from your current year’s allowance you can transfer to a flexible ISA with another provider and replace those funds with them. If you transfer your full ISA balance to another ISA provider you will not be able to replace any previous years’ ISA allowances that you have withdrawn and not paid back in before the account was closed and transferred.

You can transfer your Furness Everyday Cash ISA (Issue 3) to a Cash ISA with another ISA provider or to a Stocks & Shares ISA, Innovative Finance ISA or Lifetime ISA with another ISA provider.

Investors must complete a transfer application form where an ISA is to be transferred to a new provider. Upon receipt of your transfer request from the new ISA provider we will transfer your Furness Everyday Cash ISA (Issue 3) to them within 5 working days. However, we will require your passbook before we do so.

Transfers in

If you want to transfer another Cash ISA to your Everyday Cash ISA (Issue 3) you should contact us and we will arrange the transfer. On receipt of the necessary documentation, we will forward your transfer request to your current ISA provider within 5 working days. On receipt of the funds from your existing ISA provider we will credit your account within 3 working days. We will backdate the start date for interest accrual on the transferred funds to the date on the existing provider’s cheque.

The Society does not accept partial transfers in or out, or transfers in from Stocks and Shares ISAs, Innovative Finance ISAs or Lifetime ISAs.

HM Revenue & Customs Return We must supply a return containing details of your Cash ISA to the HM Revenue & Customs each year. We will also give the HM Revenue & Customs any other information they are entitled to receive concerning your Cash ISA. HM Revenue & Customs will use the information we provide to identify investors who have broken the ISA rules by contributing to a disallowed combination of ISAs in a tax year.

Voids The Society will notify the customer in writing if by reason of any failure to satisfy the provisions of the ISA regulations, the account has or will become void. Any corrective action will be taken within 30 days of notification. If by mistake you over subscribe in a tax year you should contact the HMRC ISA helpline: 0300 200 3312 for advice.

Death of the investor Interest earned on a Cash ISA after the date of death of the investor is not exempt from tax. However, there is no loss of exemption on interest arising before the date of death.

If we don’t get it right – how to make a complaint At the Furness, we always try to provide a first-class service. Occasionally, however, things can go wrong and if they do, we’ll make every effort to put them right.

Ways to contact us If you have a complaint, you need to contact to someone who understands your concerns. You should contact the relevant branch or Head Office department by calling 0800 83 43 12 or 01229 82 45 60. You can also e-mail us at furness.direct@ furness-bs.co.uk or write to us at Emlyn Hughes House, Abbey Road, Barrow-in-Furness, Cumbria, LA14 5PQ. The Society has a complaints handling procedure and a copy is available on request.

What happens next? We will record your complaint and work hard to resolve it as quickly as possible, however this is dependent on the nature of the complaint as there are different timescales.

Please see the complaint handling procedure for further information.

Financial Ombudsman Service We hope that the final decision you receive will provide you with sufficient information to explain the investigation and how we came to our decision, however, if you are not satisfied with the outcome, you can refer it to the Financial Ombudsman Service (FOS) and ask them to look into it for you. We will send you a leaflet that explains the FOS procedure with our final response. If you decide to refer your complaint to FOS, you must do so within 6 months of our final response. The contact details of the Financial Ombudsman Service are: The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4 567 or 0300 123 9 123 Website: www.financial-ombudsman.org.uk

Financial Services Compensation Scheme We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

An eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.

A deposit is excluded from protection if:

1. The holder and any beneficiary owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union

2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering

3. It is a deposit made by a depositor which is one of the following:

• Credit Institution

• Financial Institution

• Investment firm

• Insurance undertaking

• Reinsurance undertaking

• Collective investment undertaking

• Pension or retirement fund *

• Public authority

For further information about exclusions, refer to the FSCS website at www.fscs.org.uk

* Deposits by personal pension scheme, stakeholder pension schemes and occupational pension scheme of micro, small and medium sized enterprises are not excluded

The Financial Conduct Authority is the independent financial services regulator. It requires us, Furness Building Society, to give you this important information to help you decide whether our Furness Everyday Cash ISA (Issue 3) is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.

For more information or details of our interest rates

• call in at your local branch

• ring us free on: 0800 83 43 12

• visit our website www.furnessbs.co.uk or

• email furness.direct@furness-bs.co.uk

The information contained in this Key Features Document must be read in conjunction with the General Terms & 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 by calling Furness Direct on 0800 83 43 12. Alternatively you can visit our website www.furnessbs.co.uk.

Law – These conditions are governed by the laws of England and Wales. Those laws are also taken as the basis for the establishment of relations with you prior to the conclusion of any contract between us.

Language – All communications between you and us will be in English unless we specifically agree otherwise.

If the total Savings interest you receive in a tax year is more than any Personal Savings Allowance that applies to you, you may have to pay tax on it. You will need to do this directly with HMRC, as Banks and Building Societies no longer deduct tax from your account interest.

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