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)

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.

Annual interest (AER gross)	Account rate type	Minimum opening amount	Additional information	Monthly interest option?	Withdrawal limits	Available to new customers?
4.05%	Mortgage linked	£5,000	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 and operated by post	No	Withdrawals or account closure are only available following a review of the linked Family Mortgage	No

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 info downloads

Account summary box

Account name

Family Security Account (1)

What is the interest rate?

Rate effective from 7 September 2024	Gross AER¹
£5,000+	4.05%
Rate effective from 6 January 2025	Gross AER¹
£5,000+	3.80%

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	£5,202.50

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.

All financial information correct on 13 December 2024.