1 Year Fixed Rate Bond

The interest rate is fixed at 4.25% Gross/AER.

Interest is calculated daily, paid on the anniversary and will be added to the account. Alternatively you can choose to have the interest paid to a nominated bank account or other suitable Furness account.

As the interest rate is fixed, the rate will not change for the term of the account.

Based on the fixed rate of interest, if you deposited £1,000 in this account, at the end of the one year term the maturity balance would be £1,042.50.

These figures are for illustration purposes and are based on no withdrawals or changes in interest rate throughout the term of the account.

Opening your account

The Bond is available to open online, by post or in branch

The Bond is available to savers over the age of 18.

To open this account you must be permanently resident in the UK

Savings limits and additional deposits

The minimum opening deposit in the Bond is £1,000 and the maximum is £250,000 (£500,000 joint). Additional deposits in the Bond after the starting date will not be permitted.
You need to make sure we’ve received the money you’re using to open the account within 14 calendar days of your application being received. If we do not receive the funds within this time we will cancel your application.

Managing your account

Once the Bond is opened online the payment can be made by electronic payment, 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.

Transfers in from other Furness Building Society fixed rate products will not be permitted.

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.

No withdrawals or closures are allowed within the term.

This Bond is a share account with Furness Building Society and you will become a member of the Society on opening the account. The Bondholder agrees to be bound by the rules of the Society and the terms and conditions in addition to the Furness eSavings Online General Terms and Conditions. You must read the ‘Furness eSavings Online General Terms and Conditions’ to ensure you fully understand how your account works and your responsibilities as an account holder.

This product is a limited offer and can be withdrawn at any time and without prior notice.

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.

Maturity
We will contact you 14 days before your bond matures to tell you about other savings accounts available to you. If we don’t hear from you, at the end of the term, your savings will automatically transfer into an access account which is likely to be at a lower rate.

General information
The Bond can be closed on the death of the investor with no notice or charge.

Complaints – we always try to provide a first class service. Occasionally, however, things can go wrong. If they do, we’ll try to put them right. If you have a complaint you should where possible contact your local branch or call us on 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. If we do not deal with your complaint to your satisfaction, you can refer it to the Financial Ombudsman Service. Details of this service are available on request at any of our offices.

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.

Service Charges - You have previously been provided with a leaflet explaining the Society’s service charges at the time you opened your account. To view the current service charges information you can visit the About Us section of our website www.furnessbs.co.uk or request a leaflet from any of our branches or agencies or by calling 0800 83 43 12, where we are always happy to help.

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.

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

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). 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 on the Financial Services Register under registration number 159624.

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.

Your call may be monitored or recorded to maintain a quality service.