Service update - due to planned essential maintenance our Online Service will be unavailable on Friday 28 January from 18:00 until Saturday 29 January 12:00.
Following the Bank of England’s decision to raise the Bank Rate by 0.15% to 0.25% in December 2021, Windfall Bond and Tracker Savings Bond rates increased by 0.15% from 1 January 2022. Tracker mortgages changed from 25 January and we have written to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage. We will be considering our other savings and our variable mortgage rates after the Bank of England MPC meeting on 3 February. (Notice updated 19/01/22)
- Please note that the Premium Saver (5) has now been withdrawn from sale.
If you have opened an account, you may add funds until 3pm, 7 February 2022, after this no additions will be allowed.
What our CEO Mark Bogard believes the Chancellor should have talked about
The Family Building Society believes that the Covid-19 crisis allows the Treasury to develop further its leading role in radical economic policy-making.
To help in the process the Society has three items that it recommends the Chancellor puts at the heart of his forthcoming statement on the UK’s economic condition and coming out of lockdown.
Chief Executive Mark Bogard said today:
“The Chancellor and the Treasury is to be congratulated on their response to Covid-19 so far. They have torn up the rule book and acted boldly.
“To borrow a phrase, it’s time to double-down and now bring about radical reforms.
“We have three that could make a real difference.
“First, every adult needs a ‘rainy day savings pot’. This is as important as having an NHS.
No one should be fooled by national figures on savings going up and debts being paid down – there’s been nothing much to spend money on.
“Government needs to work from the bottom up to make sure working people save at least £5000 available for a crisis. Nannying? Yes. Bureaucratic? Yes. Requiring an incentive? Yes. Open to basic rate taxpayers? Yes. Open to higher rate taxpayers? For some, yes, but let’s find better criteria than for receipt of child benefit.
“Second, there is a debt now that older people owe younger people. It is outrageous that students should be asked to pay interest of more than 6% on their educational loans. Young people have borne the brunt of the impact of this disease – not because they are the most likely victims but that in protecting the elderly their aspirations have been shattered. It just isn’t right.
“The loans should from now become interest free.
“Third, planning. We know already there will be some changes. Here’s another. Let’s stop land banking indefinitely and get houses built.
“Planning permission should be contingent on a start date within 6 months. There’s also a completion date requirement. Miss them and pay a fee. A large one. Miss the start twice and reapply. Miss completion and there’s a weekly charge. A large one. (By the way, we are also making sure a shoddy finish just to make a date isn’t on. Building regs live.)
“There’s an old saying ‘Never waste a good crisis’.
“This is that time.“Written by Steve McDowell
The content of this blog is Steve McDowell’s personal opinion and comment, and views expressed here are his and unless specifically stated, are not those of Family Building Society. The content on this page is not intended to be advice in any circumstances.