
The Family Building Society: Savings accounts overview
Family Building Society offers a broad range of savings accounts with interest rates up to 4.33%.
The Family Building Society is the baby of the building society sector, having launched in 2014.
It was created with the idea that families could help one another get mortgages and loans. For example, parents and grandparents could act as mortgage guarantors. This way they could help their younger relatives get on the housing ladder without directly giving their money away.
Here we look at the savings account options from the Family Building Society.
Easy access savings accounts
Cash ISAs
Fixed-rate bonds
Notice savings accounts
Overview of Family Building Society savings
Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts |
---|---|
Best easy access rate | 3.55% |
Best cash ISA rate | 3.85% |
Best fixed-rate bond rate | 4% |
Best notice account rate | 4.33% |
Fixed bond terms | 1 year - 5 years |
Notice account periods available | 35 days - 120 days |
Opening options | Branch, website, post |
FSCS protection |
What is a cash ISA?
A cash ISA, or individual savings account, is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government.
How safe is Family Building Society?
The Family Building Society is authorised and regulated by the Financial Conduct Authority. It’s also covered by the Financial Services Compensation Scheme, so if the bank goes bust your savings are protected for up to £85,000.
However, it’s important to remember the FSCS compensation only covers an individual group. So, because the Family Building Society is part of the National Counties Building Society, you’d only be covered for a total of £85,000 for any savings you have split between the two.
You wouldn’t be protected for £170,000 just because your savings are spread across the two building societies.
What is a building society?
A building society is a financial institution owned by its members. Building societies offer banking and related financial services including mortgages and savings.
Whereas banks are normally listed on the stock market and run for their shareholders, building societies aren’t. Because they don’t have shareholders to pay, building societies have historically claimed to offer better interest and cheaper mortgage rates than banks.
What are the pros and cons of saving with Family Building Society?
Pros
- Online banking. Apply and manage your accounts online. Although there isn’t an app, you can check balances and transactions, make withdrawals to your nominated account and transfer money between your Family BS accounts online.
- Flexibility. Family Building Society has loads of different account options, whether you’re looking to save a few quid or larger amounts.
Cons
- Better rates elsewhere? Rates are average across the board. It might be worth looking at other savers.
- No high-street presence. Unless you live near Epsom you can’t visit a physical branch. If you still like a personal touch when banking, the Family Building Society might not be for you.
Frequently asked questions
Savings ratings
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
More guides on Finder
-
Winners of the Finder Lending Innovation Awards 2023 announced
Now in their third year, these awards recognise the credit, loans, mortgage and BNPL providers displaying the best innovations in their field.
-
Winners of the Finder Lending Innovation Awards 2023 revealed!
The winners of the Finder Lending Innovation Awards 2023 have been announced, find out who won across seven categories here.
-
Finder Lending Innovation Awards 2023
Find out the winners and highly commended brands in the Finder Lending Innovation Awards 2023. The best lending innovation in the UK!
-
How to buy Sui (SUI) in the UK
This guide provides step-by-step instructions on how to buy Sui, lists some exchanges where you can get it and provides daily price data on (SUI).
-
How to buy Pepe (PEPE) in the UK
This guide provides step-by-step instructions on how to buy Pepe, lists some exchanges where you can get it and provides daily price data on (PEPE).
-
How to buy Arbitrum (ARB) in the UK
This guide provides step-by-step instructions on how to buy Arbitrum, lists some exchanges where you can get it and provides daily price data on (ARB).
-
How to buy SSV Network in the UK
This guide provides step-by-step instructions on how to buy SSV Network, lists some exchanges where you can get it and provides daily price data on (SSV).
-
How to buy USDD in the UK
This guide provides step-by-step instructions on how to buy USDD, lists some exchanges where you can get it and provides daily price data on (USDD).
-
How to buy Blur in the UK
This guide provides step-by-step instructions on how to buy Blur, lists some exchanges where you can get it and provides daily price data on (BLUR).
-
How to buy FLOKI in the UK
This guide provides step-by-step instructions on how to buy FLOKI Inu, lists some exchanges where you can get it and provides daily price data on (FLOKI).
Ask an Expert