The Triple Access Saver has an extremely competitive variable rate of five percent Gross/AER on savings up to £250,000.
The account is expected to be popular with new customers and existing members looking to grow their savings as the interest rate takes a prominent position in the easy-access savings market.
Savers can open an account with as little as £1 and make deposits at any time.
The account limit is £250,000 for individuals and £500,000 for joint accounts.
The account boasts one of the highest interest rates available and has been rated “excellent” by Moneyfacts.
The Triple Access Saver also allows account holders easy access to their savings, with up to three withdrawals allowed within a 12-month period.
James Hyde, spokesperson for Moneyfacts, said: “The new Furness Building Society Triple Access Saver can be opened with a minimum investment of just £1.
“Paying five percent, it pays the market leading rate when compared to other easy access accounts currently available in the market. This product earns an Excellent rating.”
Based on the current interest rate, if someone deposited £1,000.00 in this account, after 12 months they would have £1,050.00.
To open an account, individuals must be a permanent resident in the UK.
Savers can withdraw from their account without notice or penalty by visiting a Furness branch, calling them on the telephone or by sending them written instructions.
It should be noted that savers must always present their passbook to make a withdrawal in the branch or by post.
The Triple Access Saver (Issue 1) allows up to three withdrawals to be made in an anniversary year.
If more than three withdrawals are required in the anniversary year, they will transfer their account to an access account, and the relevant terms and conditions and rates will apply.
Lawrence Chan, Head of Savings Strategy at Furness Building Society, commented: “Our Triple Access Saver account provides the perfect solution for those seeking both flexibility and higher savings rates.
“It offers the same benefits as fixed savings accounts but with the added advantage of allowing up to three withdrawals per year.
“In these times of economic uncertainty and high inflation, being able to access your funds when needed can provide peace of mind. Rest assured, with our account, your money is always safe and accessible when you need it most.”
The Triple Access Account can be opened by visiting the nearest Furness branch or calling 0800 781 4311.
