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The Family Building Society: Savings accounts overview
Family Building Society offers a broad range of savings accounts with interest rates up to 4.33%.
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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
Table: sorted by interest rate
Family Building Society's best easy access rate of 3.55% is significantly lower than today's market-best rate of 5.12%.
Compare more instant and easy access accounts up to 5.12%
Cash ISAs
Table: sorted by interest rate
Family Building Society's best cash ISA rate of 3.85% is slightly lower than today's market-best rate of 4.66%.
Compare more ISAs up to 4.66%
Fixed-rate bonds
Table: sorted by interest rate
Family Building Society's best fixed-rate bond rate of 4% is lower than today's market-best rate of 5.35%.
Notice savings accounts
Table: sorted by interest rate
Family Building Society's best notice savings account rate of 4.33% is very slightly lower than today's market-best rate of 4.4%.
Compare more notice savings accounts up to 4.4%
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
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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