Family Offset Account (1)
The Family Offset Account is linked to a Family Mortgage and reduces the amount of the mortgage on which interest is charged.
Key features
View summary box- Reduces the amount of the linked Family Mortgage on which interest is charged by the amount equal to the amount in the Family Offset Account
- Account can be applied for and operated by post
- Save from £5,000, up to a third of the value of the linked Family Mortgage prime security
- Withdrawals or account closure are only available following a review of the linked Family Mortgage
- No interest will be earned
- Additions are not permitted
The information provided below is a summary of the key features of the account and is not intended to be a substitute for reading the Product Features leaflet and the General Conditions for our Savings Account booklet.
Account summary box
Account name
What is the interest rate?
Interest will not be paid on the account but the amount on to which interest is charged to the borrower(s) under the mortgage will be reduced by the corresponding balance held in a Family Offset Account
Can the Family Building Society change the interest rate?
What would the estimated balance be?
| Opening balance | Projected balance (Gross) | ||
| £5,000 | £5,000.00 | ||
| |||
How do I open and manage my account?
- The Family Offset Account can only be opened by a family member of a Family Mortgage applicant requiring the rate reduction provided by this account
- The account can only be applied for by post
- A minimum of £5,000 must be deposited
- Additions are not permitted
- The maximum that can be held in the account is a third of the value of the linked Family Mortgage prime security
- Instructions for the account can only be made by post
Can I withdraw money?
- Withdrawals or account closure are only available following a review of the linked Family Mortgage. Please refer to the 'Family Offset Account terms' section of the Product Features leaflet for more information
How can I make deposits?
- A minimum of £5,000 can be deposited
- The maximum deposit is a third of the value of the linked Family Mortgage prime security
- Additions are not permitted
Additional information
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Existing customers
Savings - 03330 140144
savings.service@familybsoc.co.uk
Mortgages - 03330 140146
mortgage.service@familybsoc.co.uk
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