Notices
Family Security Account (1)
In a Family Security Account account, savings can act as security for the mortgage which typically means the borrower benefits from a fair interest rate
Your savings are protected.
Key features
View summary box- Reduces the amount of the monthly payments for the linked Family Mortgage while your savings continue to earn interest
- Account can only be applied for and operated by post
- Save from £5,000, up to 20% of the value of the linked Family Mortgage prime security
- Withdrawals or account closure are only available following a review of the linked Family Mortgage
- Additions are not permitted
The information provided below is a summary of the key features of the account and is not intended to be a substitute for reading the Product Features leaflet and the General Conditions for our Savings Account booklet.
Account summary box
Account name
Family Security Account (1)
What is the interest rate?
| Rate effective from 31 August 2023 | Gross AER1 |
| £5,000+ | 4.30% |
- Interest is calculated daily and paid annually on 31 December
Can the Family Building Society change the interest rate?
Yes, the interest rate is variable and may be changed. Please refer to Section 14 of the General Conditions for our Savings Accounts booklet for more information on when we may make changes to the interest rate and how this will be communicated
What would the estimated balance be?
| Opening balance | Projected balance (Gross) |
| £5,000 | £5,215.00 |
- This projection assumes that the account is opened with the stated amount with no additions or withdrawals made. Projected balance is at the end of 12 months
- All projections are provided for illustrative purposes only and do not take into account individual circumstances
- Actual interest may depend on the date the account is opened and the date that interest is paid
How do I open and manage my account?
- The Family Security Account can only be opened by a family member of a Family Mortgage applicant requiring the security provided by this account
- The account can only be applied for by post
Can I withdraw money?
- Withdrawals or account closure are only available following a review of the linked Family Mortgage. Please refer to the 'Family Security Account terms' section of the Product Features leaflet for more information
How can I make deposits?
- A minimum of £5,000 must be deposited
- Additions are not permitted
- The maximum that can be held in the account is 20% of the value of the linked Family Mortgage prime security
- Instructions for the account can only be made by post
Additional information
TAX STATUS: Interest is paid gross without deduction of income tax. You will need to declare any income from savings interest earned over your PSA2 through a self-assessment tax return to HM Revenue & Customs. Interest is paid annually on 31 December and available from the following day.
Over 125 years looking after people's money
For a long time we've been trusted to help people save for homes, holidays & more with a more small scale, personal approach as shown in our awards.
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Contact our expert UK team
Existing customers
Savings - 03330 140144
savings.service@familybsoc.co.uk
Mortgages - 03330 140146
mortgage.service@familybsoc.co.uk
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Ashley Square, Epsom, Surrey, KT18 5DD.
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