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The Windfall Bond is a unique savings account, quite unlike any other. It allows you to keep your capital secure and accessible, earns interest at the Bank of England Bank Rate and enters you into a monthly prize draw for the chance to win up to £50,000.      

Each month, every qualifying bond is entered into a free draw for the following set of monthly prizes: 

• Ten prizes of £1,000
• Two prizes of £10,000
• One prize of £50,000

So what are your chances of winning?

Every month each qualifying bond is allocated one of 10,000 unique tickets in the monthly draw. In each draw, 13 winning tickets are chosen at random. Each bond has approximately a 1 in 769 chance of winning a prize in the month’s draw. You can think of this as the 13 winning tickets divided by the 10,000 tickets in each draw.

Even with one bond, your chance of winning a prize at least once in a year (with your first twelve draws) equates to approximately 1 in 64. Of course, the more bonds you hold, the greater the chance of winning a prize. 

The odds of a Windfall Bond win are five times better than with Premium Bonds. If you hold £10,000 of Premium Bonds, the odds of winning at least a £1,000 prize in a year are only 1 in 357*.

* Odds provided by NS&I, June 2019.

Find out more about how the Windfall Bond works

The Windfall Bond key features are:

  • Participate in the monthly free draw after a qualifying period
  • Apply for an account online, by post or at our Epsom branch
  • Save exactly £10,000 per bond held
  • Variable interest rate linked to Bank of England Bank Rate (with linkage reviewed annually)
  • Interest rate changes take effect from the 1st of the month following an announcement of a Bank of England Bank Rate change
  • Interest paid annually on 31 July by transfer to your bank account
  • No additions or partial withdrawals available
  • Closure available without an access charge after 35 days’ notice and will paid by transfer to your bank account  
  • Once given, notice of closure cannot be cancelled or amended
  • Each issue has limited availability

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 1 September 2018
Gross Gross AER1
£10,000 0.75% 0.75%
  • Interest is calculated daily and paid annually on 31 July
  • The interest rate currently tracks and pays the Bank of England Bank Rate. To access and monitor the Bank of England Bank Rate visit 
  • Minimum rate payable is 0.0%

Can the Family Building Society change the interest rate?

  • Yes, interest rate changes take effect from the 1st of the month following an announcement of a Bank of England Bank Rate change. We’ll give you notice of an interest rate change by letter or email as well as publishing this on our website
  • We'll review our linkage to the Bank of England Bank Rate on 1 November annually and give you three months' notice of any such change

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

Opening balance Projected balance (Gross)
£10,000 £10,000*
*annual interest totalling £75.00 is paid away to a pre-nominated account in your name
  • This projection is based on the interest rate on 1 September 2018 and does not take into account any fluctuations in the reference interest rate over a 12 month period. 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 Windfall Bond can be applied for online, by post, or at our Epsom branch
  • Each bond requires a deposit of £10,000 exactly
  • Additions are not permitted
  • Instructions for the account can be made via the Online Service, by phone or by post

Can I withdraw money?

  • Withdrawals are not permitted
  • Account closure is available without access charge after 35 days' notice. Once a bond is closed it no longer qualifies for the monthly draw

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 July and available from the following day. 

MONTHLY PRIZE DRAW: Each qualifying bond is entered into a free draw for a set of monthly prizes: 10 x £1,000, 2 x £10,000 and 1 x £50,000

This issue may be withdrawn at any time without prior notice.

1AER stands for Annual Equivalent Rate and illustrates what the annual rate would be if interest was compounded.
2PSA stands for Personal Savings Allowance. 

All financial information correct on 11 September 2018.

You can apply online, in branch or call us to request an application in the post.

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.
 > Find out how the Windfall Bond works
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Family Building Society
Ebbisham House
30 Church Street
Surrey KT17 4NL
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