Notices

Homes for Ukraine - important information can be found here.
Savings members: Following the Bank of England’s decision to raise the Bank Rate by 0.25% to 1.25% on 16 June 2022, Windfall Bond and Tracker Savings Bond rates will increase by 0.25% from 1 July 2022. In addition we are pleased to say that many of our variable rate accounts will also be increasing from 24 June 2022. We will be informing affected customers of their new rate via email or letter shortly. (Notice updated 20/06/2022).
Mortgage members: Tracker mortgages will change on 25 July 2022 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage. (Notice updated 20/06/2022).

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.

Your savings are protected.

Annual interest (AER gross)	Account rate type	Minimum opening amount	Additional information	Monthly interest option?	Withdrawal limits	Available to new customers?
0%	Mortgage linked	£5,000	No interest is paid on this 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 and operated by post	No	Withdrawals or account closure are only available following a review of the linked Family Mortgage	No

Key features

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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 info downloads

Account summary box

Account name

Family Offset Account (1)

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?

No interest is paid on this account.

What would the estimated balance be?

Opening balance		Projected balance (Gross)
£5,000		£5,000.00

No interest is paid on this account
Projected balance is at the end of 12 months
All projections are provided for illustrative purposes only and do not take into account individual circumstances

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