Fixed-rates: How to open a savings account

A step by step guide to opening a fixed-rate savings account by Furness Building Society

Longer-term, fixed-rate savings accounts are a sound solution to help you build your funds over time and usually, but not exclusively, tend to offer a more generous interest rate in return for a lump sum deposit of cash. Whether you’re applying for a savings account for the very first time, or looking to set up a new account for a particular savings goal, in this article we’ll walk you through the various steps involved in setting up a new savings account.

First things first, what are the three things to consider when opening a savings account? First and foremost, it’s important to understand what you need most from your account, whether that’s easy access, a higher interest rate or a secure account that you won't be tempted to touch. Secondly, you’ll need to consider how much, realistically, you’re able to put away each month, as this might influence which account type works best for you. And finally, once you’re clear on your savings goals, you’ll need to consider the requirements for opening your chosen account

woman reading a guide

Step one: Applying for a savings account

When tasked with selecting the right account for you, it can seem like an overwhelming process. With a stream of new products regularly emerging, it’s important to do your homework and make sure you’re clued up on the variety of accounts available. Do this before entering into an agreement with your bank or building society.

Here at Furness Building Society, we have a variety of longer-term, fixed-rate products, including ISAs and Bonds. You can find out about different types of savings accounts on our website’s Savings pages here.

Let's get the ball rolling

When you’re happy with your choice, it’s time to get the application ball rolling! Our application process is flexible to suit you and your lifestyle. Apply online in one quick and easy form, alternatively download and print the application and post it to us. You can also drop by one of our branches and hand it to us. If you prefer a more personal approach, you can sit down with one of our friendly team members and apply in-person. Find your nearest branch and make an appointment today.

Find your nearest branch here.

Step two: The application process

Step three: How approval is granted

Step four: Get saving!

Next steps

Do you have any questions?

We hope this step by step guide to opening a fixed rate savings account has sparked some inspiration and helped iron out some of the processes involved.

If you’d like to see your funds secure in a fixed rate saver here at Furness Building Society, please get in touch with our dedicated team of experts to get the ball rolling - either by visiting us in branch or over the phone on 0800 781 4311.

You can also find more information by visiting our Savings Hub.