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It's difficult to miss the news reports about first time buyers becoming a rare breed. The hefty deposit needed in large parts of the country runs into tens of thousands. For many, without help, buying a home can feel like a pipe dream rather than an achievable goal.

The Helping Hand Saver account offers family members a way to save towards a deposit for their future first time buyer. Or it could help towards the additional costs associated with buying a home such as mortgage set-up fees, legal costs and furniture.

The Helping Hand Saver key features are:

  • Save from £10,000 up to £200,000
  • Pays up to £500 towards the mortgage fees for a family member taking out a Family Building Society mortgage
  • Apply for an account and add to your savings by post, online or at our Epsom branch
  • Withdrawals available with no penalty after 45 days’ notice and can be paid directly into your bank account
  • Interest paid annually on 1 August and added to the account
  • After three years converts to a Market Tracker Saver


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.

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Account name


What is the interest rate?

Rate effective from 12 October 2016 Gross AER1                                             
£10,000+ 0.75% 
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 Account booklet for more information on when we make changes to the interest rate and how this will be communicated

What would the estimated balance be after 12 months based on a £10,000 deposit?

Opening balance Projected balance (Gross)
£10,000 £10,075.00 
  • 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 Helping Hand Saver account is only available for those saving towards the cost of a family member's deposit for their first home or towards the cost associated with buying a house
  • The account can be applied for by post, online or at our Epsom branch
  • A minimum of £10,000 must be deposited
  • Additions can be made by bank transfer, debit card or cheque
  • A maximum of £200,000 may be held in the account
  • Instructions for the account can be made via the Online Service, telephone, branch and post

Can I withdraw money?

  • Immediate withdrawals are only permitted where funds are used to open a Family Security or Family Offset account, or funds are being gifted to a family member as the deposit for a Family Mortgage. Otherwise, withdrawals are available after 45 days' notice with no access charge and will be paid directly into your pre-nominated UK bank or building society account, or another account with the Society
  • Minimum withdrawal is £100

Please see the 'Taking money out' section of the Product Features leaflet for full 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

INCENTIVE: This account pays up to £500 towards the product fees on taking out a Family Building Society mortgage. The mortgage must complete within three years from the date on which the account is opened, and no later than six months after closure of the account, to qualify for this benefit

TERMS: Helping Hand Saver terms apply for a maximum of three years, after which the account terms and interest rates revert to our Market Tracker Saver account
This issue may be withdrawn at any time without prior notice.

1 AER stands for Annual Equivalent Rate and illustrated what the annual rate would be if interest was compounded.
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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Family Building Society
Ebbisham House
30 Church Street
Surrey KT17 4NL
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