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- Easy access account can be opened through the new Furness BS app
Savers can now get an easy entry rate of 4.9 per cent best buy from a little-known mutual.
Furness Building Society has launched a new dual access savings account. Savers who opened an account with it would earn £490 interest on a £10,000 deposit for a year.
The previous easy-access savings account at This is Money’s independent desks paid 4.86 per cent, meaning Furness’s new rate propelled it to the top of best buys.
Unusually for a building society, Furness has also launched an app, and the new easy-access account is available to open on it.
Furness Building Society has launched an easy access best buy account paying 4.9% and has also launched a new app
The account is available to new and existing members and can be opened with a minimum of £1 and a maximum of £250,000 for individual accounts and £500,000 for a joint account.
The Financial Services Compensation Scheme protects up to £85,000 for savings or up to £170,000 for joint accounts.
However, it is not strictly an easy-access account, as savers can only make two withdrawals over the course of 12 months.
If more than two withdrawals are made within a 12-month period, Furness will transfer your account to an access account that pays a lower rate of 2.5 percent.
The new Furness app, ‘Furness Savings’, can be downloaded via the App Store, Google Play Store and online.
An in-app messaging service is also available that allows customers to communicate with the customer service team.
For those who do not want to download an app, the account can be opened the traditional way by calling a Furness branch, over the phone or online.
Furness has nine branches in the North West, including Barrow-in-Furness, Lancaster and Preston.
For savers looking for easy access with no withdrawal restrictions or penalties, Chetwood Bank offers 4.86 percent.
Chip offers 5 percent on its easy access account, but this includes a 0.93 percent bonus for the first 12 months. It also only allows three penalty-free withdrawals every 12 months, or the rate drops to 3.9 percent with the boost.
Larry Chan, head of savings strategy at Furness Building Society, said: ‘Our new app is a means for us to bring our renowned levels of customer service, built through generations of Furness experience, to a digital audience.
‘Maintaining our commitment to maintaining face-to-face banking, our Double Savings Access will also be available in our branches. Our app is designed to complement our in-branch services, giving our customers the freedom to manage their money however they want.’
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