Building society launches two savings accounts including 4.5% rate

Furness Building Society has launched two new savings accounts (Image: GETTY) Furness Building Society is offering savers two new notice savings accounts including one with an ‘extremely competitive’ interest rate of 4.5 percent. The new accounts include the 60-Day Notice Cash ISA (Issue 1) offering a rate of 4.1 percent and the 150-Day Notice Saver (Issue 1), which has a rate of 4.5 percent. Lawrence Chan, head of Savings Strategy at Furness Building Society, said: ‘Across the market, we’re seeing lots of savers move their money from access accounts to fixed accounts – taking advantage of the higher rates afforded by locking your funds away. ‘Conversely, we know the cost of living crisis is prompting many people to dip into their savings as inflation continues to keep prices high. ‘Notice accounts present the best of both worlds. They offer our members attractive rates but they are still able to get hold of their money if they need it – they just need to give us notice in advance.’ Furness Building Society has launched two new savings accounts (Image: GETTY) The 60-day notice cash ISA account has to be opened with a deposit of at least £1,000 and a person can deposit up to £20,000 a year, in accordance with the ISA allowance. A person can make deposits by standing order, by cash or cheque in branch, and a person can also send a cheque in the post. Cheques will need to be payable to the account holder and the payee line should quote the account number. Furness Building Society has launched two new savings accounts (Image: Getty) For the 150-day notice saver, an individual has to deposit £1,000 to launch the account, with a maximum balance of £250,000, or £500,000 for joint accounts. People can make deposits in the same way as with the cash ISA. A person can withdraw interest within six months of it being added with no need to give notice and without penalty. A saver can only give notice they want to withdraw funds if there are sufficient funds cleared in their account on the day the notice is given. Mr Chan said: ‘We know one of these new products will top the market for its high rate of interest so we’re pleased to be launching them to new and existing customers. ‘Those that capitalise on the new rates can rest assured their funds are earning higher interest but their money will still be accessible amidst the continuing economic downturn.’ The accounts can be opened in branch, by calling 0800 781 4311 or by downloading the online application form. For the latest personal finance news, follow us on Twitter at @ExpressMoney_.