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.
Family Building Society's top savings rate of 8% is available on one of its easy access accounts.
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The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Family Building Society offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts, regular savers, business |
|---|---|
| Best easy access rate | 8% |
| Best cash ISA rate | 4.4% |
| Best fixed-rate bond rate | 4.15% |
| Best notice account rate | 4.3% |
| Best regular saver rate | 7.5% |
| Best business savings account rate | 4.55% |
| Fixed bond terms | 1 year - 5 years |
| Notice account periods available | days - 180 days |
| Opening options | Branch, website, post |
| FSCS protection |
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.
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 £120,000.
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 £120,000 for any savings you have split between the two.
You wouldn’t be protected just because your savings are spread across the two building societies.
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.
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
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