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The Bank of England announced a change to its Bank Rate on Thursday, 2 August, increasing it from 0.50% to 0.75%.

We realise that you will want to know how this will affect your savings or mortgage account. The effect of this change for all of our members is something we are actively reviewing and we will be in touch very soon when there is any change to your account.

As well as being affected by the Bank of England Bank Rate, the interest we pay our saving members is directly related by what we charge our borrowers. As you would expect of a mutual building society, we need to ensure that we balance the interests of all members, whether they are savers or borrowers, and that our mortgage products remain competitive. 

Once a decision is made we will publish the changes on our website and write to all affected members.

In the meantime, some things we are sure about are:
                                                                                                                              
The rate of interest on our savings products which are directly linked to Bank of England Bank Rate, such as our Windfall Bond and Tracker Savings Bonds, will increase from 1 September and our tracker mortgages will increase from 25 September. These changes take place automatically as per account terms and conditions. Members who have these types of products will be notified in the next few weeks.

Our Market Tracker savings accounts are not linked to the Bank of England Rate. However, the interest payable on these accounts will be reviewed as normal in early September and any increase will apply from 1 October.
 
If you have a fixed rate savings or mortgage account this is not affected.

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