Notices

Savings customers - the interest rates on many of our variable rate savings products will be decreasing from 6 January 2025. Find out more

We will be emailing or writing to you shortly to let you know of how these decreases affect you. In the meantime, you can see all of these changes here.
Mortgage customers - our Managed Mortgage Rate (MMR) will decrease by 0.25% from 20 January 2025. Find out more:

From 20 January 2025, we'll be decreasing our Managed Mortgage Rates (MMR) by 0.25%. All on-sale discounted variable product rates and other details, including representative examples displayed on our website, have been updated to reflect these lower rates.
We will be writing to existing customers who have been impacted by this change, shortly, with details relevant to them.
View our Christmas opening hours here. For information on bank transfer processing times over the Christmas period please click here.
Rate changes following Bank of England decision to decrease its Bank Rate by 0.25% to 4.75% on 7 November 2024. Find out more

Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 December 2024. We will be writing to all customers individually to confirm the new rates.
Mortgages: Tracker mortgages will change on 25 December 2024 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage.
(Notice updated 08/11)

Windfall Bond

Please Note: The Windfall Bond has been withdrawn for new account openings. However, the regular monthly draw will continue as normal.

Your savings are protected.

Annual interest (AER gross)	Account rate type	Minimum opening amount	Additional information	Monthly interest option?	Withdrawal limits	Available to new customers?
4.75%	Variable	£10,000		No	No withdrawals. Closure after 35 days' notice.	No

Key features

View summary box

Participate in the monthly free draw after a qualifying period
Save exactly £10,000 per bond held
Variable interest rate linked to Bank of England Bank Rate (subject to minimum 0.00%)
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
This account can only be operated by people aged 18 and over
This account can be operated by an Attorneys, Deputies or Third Parties (see below for more details).

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.

Account info downloads Frequently asked questions

Account summary box

Account name

Windfall Bond

What is the interest rate?

Rate effective from 1 December 2024
£10,000	4.75%	4.75%

Rate effective from 1 February 2025
£10,000	3.75%	3.75%

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 bankofengland.co.uk New interest rate terms – From 1 February 2025 the interest rate will track and pay the Bank of England Bank Rate minus 1.00% Minimum rate payable is 0.00%.

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 can review our linkage to the Bank of England Bank Rate at any time and if any changes are made, we will provide you with at least 14 days notice, plus the account’s normal notice period of 35 days.

What would the estimated balance be?

Opening balance		Projected balance (Gross)
£10,000		£10,000*
*annual interest of £475.00 is paid away to a pre-nominated account in your name
This projection is based on the interest rate on 1 December 2024 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?

Each bond requires a deposit of £10,000 exactly
Instructions for the account can be made by secure message via our Online Service, by phone, or by post
Each bond requires details of a nominated bank account to be registered for interest and prize payments
This account can only be operated by people aged 18 and over.

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
Once given, notice of closure cannot be cancelled or amended.

How can I make deposits?

Each bond requires a deposit of £10,000 exactly
Additions are not permitted.

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 PSA²through 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, ranging from Level A to Level E, as outlined below. The number of prizes will vary month to month. Effective from 1 October 2024 a Level A prize has a value of up to £50,000, Level B prize has a value of £10,000, Level C prize has a value of £1,000, Level D prize

has a value of £500, and Level E prize has a value of £100.

This promotion is not available to employees of the Society, or their families, other household members, their agents or to third parties who are directly connected with the promotion, advertising or administration of this Windfall Bond Monthly Free Draw. If your situation has changed since opening a Windfall Bond and any of these now apply, please let us know as you will not be eligible for the prize draw.

This product has been withdrawn from sale.

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 22 November 2024.