75 Day Business Notice Saver

The current interest rate is 3.00% Gross/AER.

Interest is variable, calculated on a daily basis and is paid annually on 31 December. Interest can be added to your 75 Day Business Notice Saver account, or an external nominated bank/building society account in the Business Name.

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 display this information in our branches and on our website. If we reduce the rate we’ll let you know at least 14 days before we make the change.

For more information on why the interest rate on your account might change, take a look at Part 2 of the Business Savings Terms and Conditions.

Based on the current rate of interest, if you deposited £1,000.00 in this account, after 12 months you would have £1,030.00.

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

Opening your account

To open an account you must be a permanent resident in the UK and over the age of 18.

Call into your local Furness branch, and make an appointment with the Branch Manager.

You will need to provide us with documents associated with your business, at your appointment.

When you open the account in branch you will receive a passbook, this will be sent by post to the business address.

Savings limits

Minimum investment £1,000 - Maximum investment £500.000 You can add to your account at any time subject to the maximum investment limit.

Payments into the account can be made by standing order, bank transfer from your nominated account, or cheque at your local branch. You may also send a cheque through the post.
Please ensure that cheques are made payable to the account name and quote the account number on the payee line.

To manage your account, visit us at a branch, or send us your written instructions signed by two signatories.

If you want to make a withdrawal from your savings account you’ll need to give us 75 days’ notice. There is no option to make a withdrawal without giving notice other than where you want to withdraw interest we have paid you. You can withdraw interest from this account within 6 months of it being added without notice or penalty. This must be taken as one single transaction.

Notice can only be given when there are sufficient cleared funds in your account on the date you give notice. You can give notice for a withdrawal, by calling us on 0800 781 4311, by writing to us or by calling in to your local branch.

You can only have one notice request at any time for example you cannot have more than one notice request against the same funds. After the notice period has expired you have 28 days in which to make the withdrawal which must be in one single transaction. If you don’t make the withdrawal within the 28 day window another 75 days’ notice will need to be given by you.

You must read the Business Savings Terms and Conditions and Other Important Information leaflet to ensure you fully understand how your account works and your responsibilities as a signatory.

Where interest is paid Gross this means tax will not be deducted from the interest Furness Building Society pays on your savings.

Cancellation

You have 14 days after the contract is entered into to notify us in writing at our Head Office or one of our branches 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.

Please note:

The product acts as a standard business savings product, available to Micro-Entity and Small Businesses only, who must be registered on Companies House as a Limited Company or Limited Liability Partnership.

Businesses will primarily be within our Heartland, with access to one of our branches, and must be registered and operate within the UK only.

The business must have a Turnover not more than £15m, and a Balance sheet total not more than £7.5m to qualify.

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).