The Furness Building Society 4.9 savings account is a new double-access savings product offering a competitive 4.9% interest rate. This account has received an "excellent" rating from Moneyfactscompare, making it an attractive option for savers.
Key Features of the Account
This savings account is designed for individuals looking for a balance between competitive returns and some access to their funds.
Here's a breakdown of its core features:
| Feature | Detail |
|---|---|
| Interest Rate | 4.9% |
| Account Type | Double-access savings account |
| Withdrawal Limit | Two withdrawals per calendar year |
| Interest Payment | Annually |
| Minimum Deposit | £1 |
| Maximum Investment | Up to £250,000 |
| Industry Rating | "Excellent" Moneyfactscompare rating |
Understanding Double-Access Savings Accounts
A double-access savings account, like the Furness Building Society 4.9 offering, provides a middle ground between traditional easy-access and fixed-term savings accounts. While it offers a higher interest rate than many standard easy-access accounts, it places a limit on the number of withdrawals you can make within a specified period, typically a calendar year. For this specific account, you are permitted to make two withdrawals annually without penalty. Should you exceed this limit, the account terms may change, potentially leading to a lower interest rate or restrictions on further withdrawals.
This structure encourages savers to keep their money invested for longer periods to benefit from the higher interest, while still providing limited flexibility for emergencies or planned expenses.
Who Might This Account Be Suitable For?
This account could be an ideal choice for:
- Savers with medium-term goals: If you're saving for something in the next year or two and don't anticipate needing frequent access to your funds.
- Those building an emergency fund: With the flexibility of two withdrawals, it can serve as a primary emergency fund, provided you manage your access carefully.
- Individuals looking for better returns: It offers a significantly higher interest rate than many standard easy-access accounts.
- New savers: The low minimum deposit of £1 makes it accessible for individuals just starting their savings journey.
Important Considerations
While the account offers an attractive interest rate, it's crucial to understand the withdrawal limitations to ensure it aligns with your financial needs. Planning your withdrawals carefully can help you maximize the benefits of the 4.9% interest rate.
