Furness Building Society has today launched two highly competitive savings products, a 2-year fixed term ISA at 4.45% and an 18-month fixed-rate bond at 4.35%.

The new 2-Year Fixed Rate ISA is expected to top the market and can be opened with a lump sum of between £1,000 and £20,000 with no further payments permitted within the term. Access to interest is available upon maturity.

With 4.45% interest fixed for the two-year term, a deposit of £1,000 would generate a balance of £1,044.50 after 12 months and a £1,090.88 maturity balance after two years.

Furness Building Society is also launching a 4.35% 18 Month Bond, which can be opened with a lump sum starting at £1,000 up to £250,000, offering access to interest upon maturity after the 18-month period.

New 2-year fixed term ISA at 4.45% launches alongside 4.35% 18-month fixed rate bond, both available through Furness’ savings app, in-branch and by post.

placeholder image — New 2-year fixed term ISA at 4.45% launches alongside 4.35% 18-month fixed rate bond, both available through Furness’ savings app, in-branch and by post.

Both new products are available in-branch, by post, online and on the ‘Furness Savings’ app, which is available on all app stores or can be downloaded by visiting: https://www.furnessbs.co.uk/digital.

The launch of the two new products adds to Furness Building Society’s highly competitive ISA portfolio which also includes the recently launched 4.40% Double Access Saver ISA. This allowsaccount holders to make two withdrawals within a 12-month period and deposit money at any time.

The Double Access Saver ISA Issue 1 requires a minimum opening balance of £1,000. Withdrawn money can be replaced without it impacting the ISA allowance, providing it is withdrawn and replaced within the same tax year.

Customers who already have an ISA with another provider can transfer their existing funds into each of these new products. This allows savers to take advantage of the competitive interest rates while maintaining their tax-free savings status.

Lawrence Chan, Head of Savings Strategy, Furness Building Society, commented: "We’re determined to offer the most competitive market rates so our members can truly make the most of their savings. Our new 2-Year Fixed Rate ISA and our 18-Month Fixed Rate Bond are perfect for those with a lump sum to lock away, so their money can accrue healthy interest over the fixed term.

"Account holders can manage their money through our Furness Savings app, which offers quick and easy access to open and close accounts, make online withdrawals, move maturing savings and view statements and transactions in real-time. We are also upholding our commitment to in-person banking to give our members choice and convenience, and all of our products are available through our branch network."