More in this section

How we can support you with Coronavirus

Update 29 May 2020

The Bank of England announced a change to its Bank Rate on 11 March 2020, decreasing it from 0.75% to 0.25%. The Bank of England then made a second announcement on 19 March 2020 to reduce the Bank Rate further from 0.25% to 0.10%.

As a mutual building society owned by its members, we always strive to provide competitive savings rates whilst providing attractive mortgages to our borrowing members. However, we are not immune from market forces, which is why we have had to take the painful decision to reduce our saving rates. Many of the reductions are by less than the cut in Bank Rate and none have been reduced by more than this. Our revised rates remain above average when compared with those available from other providers.


SAVINGS

Variable rate savings accounts that are not directly linked to the Bank of England Bank Rate
Revised interest rates for accounts currently available are listed on each account page and on our interest rates page. We will shortly be writing to members who have an account affected to let you know the new interest rate that will apply. 

If you have an account with a notice period, as long as we receive your notice of withdrawal on or before 25 June 2020, then at the expiry of the notice period your withdrawal will take place without penalty before the rate change date. 

Savings accounts that are directly linked to the Bank of England Bank Rate 

The rate of interest on our savings accounts which are directly linked to Bank of England Bank Rate, such as our Windfall Bond and Tracker Savings Bonds decreased on 1 April 2020. These changes took place automatically as per account terms and conditions. 

Market Tracker savings accounts

Our Market Tracker savings accounts are not linked to the Bank of England Rate. Instead they track the average of the top 20 easy access accounts available across the market. The interest payable on these accounts has been reviewed recently and we’ll publish the revised rate on our website no later than 15 days before 1 July and email customers as normal to let them know the new rate.

MORTGAGES

Tracker rate mortgages

The interest rate on these mortgages is directly linked to the Bank of England Bank Rate and decreased on 25 April 2020. These changes took place automatically as per account terms and conditions. 

Managed Mortgage Rates

We have reduced our Managed Mortgage Rates by up to 0.65% from 25 April 2020. 

Our Managed Mortgage Rates are listed below, including the current and new rate, where applicable.

Type Interest calculated Product Current rate New rate Rate effective
Owner occupier Monthly Managed Mortgage Rate 5.04% 4.39% 25 April 2020
Owner occupier Monthly Flexi Managed Mortgage Rate 5.14% 4.49% 25 April 2020
Owner occupier Monthly Islands' Managed Mortgage Rate 5.04% n/a n/a
Owner occupier Monthly Standard Variable Rate 5.04% 4.39% 25 April 2020 
Owner occupier Monthly Flexi Standard Variable Rate 5.14% 4.49% 25 April 2020 
Owner occupier Monthly Flexi Loyalty Rate 4.89% 4.24% 25 April 2020 
Owner occupier Monthly Managed Variable Rate (Repayment) 2.09% n/a n/a 
Owner occupier Monthly Managed Variable Rate (Interest-Only) 2.59% n/a n/a
Owner occupier Annual Standard Variable Rate 4.94% 4.29% 25 April 2020 
Owner occupier Annual Loyalty Rate 4.69% 4.04% 25 April 2020
Owner occupier Annual Loyalty Discount 0.75% 4.19% 3.54% 25 April 2020 
Buy to Let Monthly Managed Mortgage Rate 5.79% 5.14% 25 April 2020 
Buy to Let Monthly Standard Variable Rate 5.79% 5.14% 25 April 2020 
Buy to Let Annual Standard Variable Rate 5.69% 5.04% 25 April 2020 
Buy to Let Annual Variable Residential Investment Loyalty Rate 5.44% 4.79% 25 April 2020

 

Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
Follow Us