£125 switch incentive & linked saver
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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.
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.
35-day notice cash ISA
Fixed rate cash ISA
A cash ISA 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.
35-day notice saver
You could also take a look at the regular 35-day notice saver. It’s similar to the 35-day ISA; however, it obviously doesn’t have the same tax benefits while its interest rates are lower too. It does have a lower deposit amount of £1,000.
The building society offers five different easy saver accounts: the premium, the market tracker, the everyday saver, the branch saver and the online saver. Here are a few key factors you should consider when choosing between them:
The Family Building Society offers two fixed term bonds. Given the lack of access, these bonds are best for anyone looking to put away a lump sum to grow. They are the 2-year tracker rate bond and the 5-year tracker rate bond.
You can also get two different junior saving options with the Family Building Society: either the no access ISA or the easy access Junior Saver.
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.
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