Notices

Our Windfall Bond account is on sale. Find out more

Our Windfall Bond is available for new account openings, offering interest at the Bank of England Bank Rate and entry into a monthly free prize draw with more prizes available now determined by the prize fund value. Find out more here
Newly opened accounts need to be fully funded and nominated bank details registered before the end of September in order to qualify for entry into the November Prize Draw.
Rate changes following Bank of England decision to decrease its Bank Rate by 0.25% to 5.00% on 1 August 2024. Find out more

Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 September 2024. We will be writing to all customers individually to confirm the new rates.

Mortgages: Tracker mortgages will change on 25 September 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 05/08)
Important changes to our mortgage products - Find out more

From Thursday 22 August, we reduced our rates on all our fixed rate mortgage products.

From 19 September 2024, we'll also be reducing 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. Find out full details here.

Windfall Bond - existing product

Please note: Our existing product will change to new Terms and Conditions and updated Prize Draw rules with effect from 1 October 2024.

All our savings accounts are FSCS protected.

Account summary box

Account name

Windfall Bond

What is the interest rate?

Rate effective from 1 September 2023	Gross	Gross AER¹
£10,000	5.25%	5.25%
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 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'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?

Opening balance		Projected balance (Gross)
£10,000		£10,000*
*annual interest of £525.00 is paid away to a pre-nominated account in your name
This projection is based on the interest rate on 1 September 2023 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
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.

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 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: 15 x £1,000, 3 x £2,500, 2 x £10,000 and 1 x £50,000

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 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 3 August 2023.