Furness Building Society has reduced selected variable savings rates, but despite this, its regular saving account has maintained its position in the Moneyfacts charts.
Furness Lifestyle Saver now pays a competitive variable rate of 2.05% yearly, allowing it to sit comfortably among the top accounts of its sector.
This account must be opened in branch, but it can then be managed in branch and by post. A minimum investment of £1 is required.
Savers must make 12 monthly payments of at least £1 up to a maximum of £250. The amount can be amended up or down and it is also possible to make additional payments, provided the maximum monthly limit of £250 is not exceeded. Missed payments will result in closure of the account.
Withdrawals require absolutely no notice but they are restricted to one per annum. This account would therefore only suit those who are able to plan their access carefully.
Despite the rate decrease, this account still offers those wanting to get into the savings habit a competitive deal. The rate is an attractive one and the ability to amend payments and make further additions means that savers have a welcome degree of flexibility over their payments. However, the restriction of withdrawals to only one per year means that its appeal is likely to be limited to those who do not require easy access to their funds.
Moneyfacts rating: Excellent
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