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Making the move from paying rent to mortgage repayments is a challenging step for first time buyers, especially with the current level of deposit required by lenders. So it's obvious that the sooner you start saving for a deposit the greater your chance of success.

By saving a minimum of £100 each month you could save £500 on our product fee after just 12 months - very handy to add to your deposit or cover those other home buying expenses, such as surveyor fees and insurances.

The First Home Saver key features are:

  • Save from £100 to £1,000 per month up to a total balance of £50,000
  • Variable tiered interest rate to reward those who save more
  • Pays up to £500 towards the product fees on taking out a Family Building Society mortgage
  • Apply for an account and add to your savings by post, online or at our Epsom branch
  • Easy access with up to six withdrawals available in a rolling 12 month period without an access charge
  • Withdrawals will be paid directly into your bank account
  • Interest paid annually on 1 August and added to the account
  • After 3 years converts to a Market Tracker Saver
  • Only one account per customer is 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 General Conditions for our Savings Accounts booklet.

Summary box


Account name


What is the interest rate?

Rate effective from 28 August 2016 Gross AER1                                           
£5,000+ 0.75% 
£2,500+ 0.50% 
£100+ 0.31% 
  • Interest rates are dependent on balance amount
  • Interest is calculated daily and paid annually on 1 August

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 after 12 months?

Opening balance Projected balance (Gross)
£5,000 £6,141.64 
£2,500 £3,615.26 
£1,000 £2,104.81 
  • These projections assume that the account is opened with the stated amount with 11 monthly additions of £100, and no 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 First Home Saver can be applied for by post, online or at our Epsom branch
  • A minimum of £100 must be deposited
  • Monthly additions of between £100 and £1,000 per month are required. One monthly payment per 12 month period may be missed. Where more than one payment is missed, and not made up within one month of the due date, you will not qualify for money off the mortgage fee on completion of a mortgage with the Society
  • A maximum of £50,000 may be held in the account
  • Instructions for the account can be made via the Online Service, telephone or branch

Can I withdraw money?

Six withdrawals, including closure, are available without access charge during any rolling 12 month period. Please refer to the 'Taking money out' section of the Product Features leaflet for more information

Additional information

TAX STATUS:  Interest is paid gross from 6 April 2016 due to the introduction of the Personal Savings Allowance (PSA). You will need to declare any income from savings interest earned over your PSA through a self-assessment tax return to HM Revenue & Customs
This issue may be withdrawn at any time without prior notice. 

1 AER stands for Annual Equivalent Rate and illustrates what the annual rate would be if interest was compounded.

All financial information correct on 30 November 2016.
Operating an account on behalf of someone else

This account is available for operation by Third Parties, Attorneys and Deputies. For information on how to set up any of these on your accounts please refer to our FAQs page where all the information you should need can be found.

If you have already set up Power of Attorney, a Deputy or Third Party and wish to open this account, please also refer to our FAQs page where you can find details of the forms we require.

If you have any further account opening queries please contact our New Business Team on 03330 140141.


Use of a debit card to deposit savings
Please note that the debit card you use to deposit money via the Online Service should be registered to the address we hold for you. 

Debit card transactions are subject to approval by your bank and may be declined if you do not have sufficient funds available in your bank account or the transaction exceeds your bank's anti-fraud limits.

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03330 140 141
Knowledge-Hub-365x115   Family Mortgage
Family Building Society
Ebbisham House
30 Church Street
Surrey KT17 4NL
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