Homes for Ukraine - important information can be found here.
Monthly savings statements - From May we will be sending future monthly statements of electronic transactions on your savings account by email. More details on how to view your statement and the new process can be found here.
Following the Bank of England’s decision to raise the Bank Rate by 0.25% to 1.00% on 5 May 2022, Windfall Bond and Tracker Savings Bond rates will increase by 0.25% from 1 June 2022. We are reviewing our other variable savings rates and will notify customers of any interest rate increase on their account. Tracker mortgages will change on 25 June 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 06/05/2022)
Intergenerational wealth transfer - you can’t spend it twice!
Mark Bogard, CEO of the Family Building Society said:
Despite the recent changes to the cap on self-funded care fees, who knows what will be in place in the future? The Treasury would really like for you to pay your own care fees but if you’ve already spent it, or given it away, they’ll be disappointed.
As a mutual lender to first time buyers and those coming up to and in retirement, we, at the Family Building Society, saw years ago the growing pressure on the ‘squeezed middle’. The generation that sees their children wanting to get on the property ladder while watching their elderly parents enter retirement. We developed products to use assets to best effect. People don’t need to be super rich to use assets smartly. We have shown that this can be done with creativity and with risk minimisation clearly in mind, both for the institution and the individual.”
The report is available here.