Based in Barrow-in-Furness, Cumbria, the Furness Building Society is a small concern. There are 12 branches in total, all based in the North West. This includes Manchester Liverpool areas as well as the Lake District. At the moment, you need to be local (ie, have a branch in your area) in order to open a savings account. I knew there was a branch not too far away for me, in Bolton, new the street it's on, but it's so small and insignificant-looking that I walked past it, even on the day I was looking for it, to open my account. So, not the kind of building society that advertises itself like crazy. As their leaflets state, the Furness is "independent and mutual". Instant Access account - interest rates range from 1% (on the minimum investment of £1) to a still very measly 2.95% on balances of £50,000 and over.
The Bonus 60 account is better - 1.65% on a minimum balance of £500.
Even better is the Bonus 90 notice account - 2.4% on the minimum investment of £1,000; and 4.8% on £50,000. The rates for the Bonus 90 account include a 1% bonus (on condition that you don' make more than one withdrawal in any year). Their most attractive account at the moment is the Bonus Builder, which requires you to pay a regular amount in each month, between £10 and £100, for a maximum of 5 years - interest rate is a very good 5.4%, as long as you keep to the terms. This the account that I opened myself.
The ISA, with an interest rate of 5.10%, is also pretty good - but this is for a minimum of £1,000 - but this is only any use if you haven't already invested in an ISA his year (and if you have £1,000 to spare, of course!) There's also what's called the Fairness ISA, which can be opened with only £1, earning 4.5%. (great name, interest not so great, compared to other ISAs)
Interest rates quoted were current in October 2001, and all are gross, rather than net.
As is usual with building societies at the moment, there's a 5 year signaway for any proceeds of demutualisation to go charity. None of the interest rates on savings accounts are not the best you'll find; there's no Link card; no postal accounts - you can only open an account by visiting a branch.
On the plus side, the staff are very friendly, and it is a locally aware, mutual building society. If you support this kind of thing, and there's a branch in your area - it may be worth opening an account.
There's a free Helpline, on 0800 220568 Website - furnessbs.co.uk.
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