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Update 24 August 2018

The Bank of England announced a change to its Bank Rate on 2 August 2018, increasing it from 0.50% to 0.75%.

As well as being affected by the Bank of England Bank Rate, the interest we pay our saving members is directly affected by what we charge our borrowers and the competitive market that we operate in. 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.

We have now determined the changes we will make to our savings and mortgage products, and more information is given below. We will also be writing to all members who are affected, giving more detailed information on the revised interest rate for their account.

SAVINGS

Savings accounts that are not directly linked to the Bank of England Bank Rate

We have reviewed the interest rate of our variable rate savings accounts, and these will all increase from 11 September 2018. Revised interest rates for savings accounts currently on sale can be seen on our interest rates page. We will write to all members with a variable rate account that is affected in the next few weeks to let them know the revised interest rate for their account.

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 will increase from 1 September 2018. These changes take place automatically as per account terms and conditions. We will write to members who have these types of products in the next few weeks.

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 will be reviewed as normal in early September and any increase will apply from 1 October. We’ll publish the revised rate on our website no later than 15 days before 1 October, and email customers as normal to let them know the new rate.

Fixed rate savings accounts

Our Fixed Rate Bonds and Fixed Rate Cash ISAs are not affected by the Bank of England announcement.

MORTGAGES

Managed Mortgage Rate, Managed Flexi Mortgage Rate and Residential Investment Managed Mortgage Rate

We will be increasing our Managed Mortgage Rate, Managed Flexi Mortgage Rate and Residential Investment Managed Mortgage Rate by 0.25% on 25 September 2018. We will be updating our website shortly to show this.

If you have a variable rate mortgage, such as our discounted variable rate or Offset Mortgage, the interest rate will increase in line with the increase to our Managed Mortgage Rate, Managed Flexi Mortgage Rate and Residential Investment Managed Mortgage Rate.

We will write to all customers who have a mortgage that is linked to one of these rates to let them know their revised interest rate and revised payment amount shortly.

Tracker rate mortgages

The interest rate on these mortgages is directly linked to the Bank of England Bank Rate, and will increase from 25 September 2018. These changes take place automatically as per account terms and conditions. We will write to members who have these mortgages shortly to let them know their revised payment amount.

Fixed rate mortgages

These mortgage accounts are not affected by the Bank of England announcement.

 

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