The current interest rate is 2.35% Gross/AER*

Interest is variable, calculated on a daily basis and is paid annually on 31 December.

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

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 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.

Based on the current rate of interest, if you deposited £1,000.00 in this account, after 12 months you would have £1,023.50

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

Opening your account

To open an account you must be a permanent resident in the UK and over the age of 16.

Simply use our online app on your mobile or pc, call into your local Furness branch, call us on 0800 781 4311 or download an application form from our website. 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 by contacting Furness Direct.  If you are already a Furness customer, in most cases this will not be necessary.  

When you open the account in branch you will receive a passbook.

Savings limits and additional investments

Minimum investment £1 - Maximum investment £250,000 (£500,000 in a joint account).  You can add to your account at any time subject to the maximum investment limit.

Payments into the account 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.

To manage your account, visit us at a branch or by sending us your written instructions.

You can withdraw from your account at any time without notice or penalty by visiting us at a branch or by sending us your written instructions. You must always present your passbook to make a withdrawal or close your account.

Please note that branch limits apply to cash withdrawals.

Please note that the Furness offers other savings accounts and if you would like details, please ask at your local branch, call Furness Direct on 0800 834 312 or visit our website.

You must read the General Investment Terms and Conditions and Other Important Information leaflet to ensure you fully understand how your account works and your responsibilities as an account holder.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest is paid and added to your account each year. From 6 April 2016, 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. From 6 April 2016, if you’re a basic rate tax payer you’ll be able to earn up to £1,000 in savings income, tax free. Higher rate tax payers will be able to earn up to £500. Additional rate tax payers will not receive any savings interest tax allowance.