Notices
- View our Christmas opening hours here. For information on bank transfer processing times over the Christmas period please click here.
Important changes on your Windfall Bond
We are writing to let you know of an important change we are making to the way the interest rate on your Windfall Bond is set.
At the moment the interest rate paid is the same as the Bank of England Bank Rate, currently 4.75%.
From 1 February 2025, the rate of interest payable on your Windfall Bond will be set at 1% below the prevailing Bank of England Bank Rate. This means that, at current Bank of England Bank Rate, your Windfall Bond will pay interest at 3.75% gross AER^ from 1 February next year. Further information on the Windfall Bond’s variable rate is provided in the Windfall Bond Product Features Leaflet here: familybuildingsociety.co.uk/windfallbond
We realise that a rate decrease will be disappointing. However, we believe our Windfall Bond continues to offer better overall value compared to other prize accounts that do not pay any interest at all.
Rest assured, the newly improved structure of the prize draw that we launched in October this year and the calculation of the prize fund both continue unchanged. The December 2024 draw, for example, will have 173 prizes available from a prize fund of £137,100, with the largest prize being £50,000.
Next steps
We understand many Members opened a Windfall Bond account because of its innovative prize draw structure and if you’re happy that your Windfall Bond account(s) still meets your savings needs, you don’t need to do anything.
If you feel that your Windfall Bond account(s) no longer meets your savings needs, you may get a higher interest rate (without the possibility of prizes) by moving your money to one of our other savings accounts or another provider. We hope that you don’t. However, to do this you can contact us using the secure messaging facility available within the Online Service, by phone or by writing to us. You'll need to give 35 days’ notice to close the account, as partial withdrawals are not allowed. Please note, once you issue this notice it cannot be cancelled or changed and that the Windfall Bond is not available for new account openings currently.
Are you registered for our Online Service?
Our easy-to-use Online Service lets you view and operate most of your accounts anywhere, at a time convenient to you. You can also send and receive secure messages and apply for many of our savings accounts without completing a paper application form. To find out more or to register, visit familybuildingsociety.co.uk/new-online
We're here to help
If you have any questions about your account or anything else, please contact our friendly Family Service Team by calling us on 03330 140144* or emailing savings.service@familybsoc.co.uk
If you are contacting us by phone, please ensure you have your account details available, so you can answer any security questions we may ask.
Additional Information
^ AER stands for Annual Equivalent Rate and illustrates what the annual rate would be if interest was compounded.
The floor (minimum) rate will continue to be 0.00%.
From 1 February 2025, any interest rate changes (as a direct result of an announcement to a change in BBR) will continue to take effect from 1st of the month following the announcement.
All financial information correct as at 22 November 2024.