Family Saver
We make it easier for every family to start saving today!
Family life is always hectic. Whether it's football practice, swimming lessons, parents' evenings, the school run or trips to the supermarket, the last thing you need to worry about is saving for the future. Planning for that new car, family holiday, a rainy day or your child's university tuition fees should be straightforward.
What is the Family Saver account?
The Family Saver is an exclusive account for families, giving you that helping hand to stash away a few pounds for the things that are important to your family.
This account is available through our branches and Investments Direct. You can choose to open and operate your account at one of our branches, where you can keep a watchful eye on your savings with a traditional passbook, or you can choose to open and operate your account through Investments Direct for ease and access wherever you are. For every account opened we will donate £1 to a good cause in the local area.
Who can open a Family Saver?
Family Saver is exclusively available to any family with children under the age of 18. To be able to open an account a child from your family, living at your address, must have one of our Young Supersaver or Children's Savings Bond accounts. This enables the whole family to save. The Family Saver is guaranteed to receive the same interest rate as Young Supersaver.
Can I have just a Family Saver?
The Family Saver is a linked account. To be eligible for a Family Saver, a Young Supersaver or Children's Savings Bond must already be open, or opened at the same time as a Family Saver.
How can I grow my savings?
What can you buy for £1 a day? Probably not much, however, saving from just £1 a day soon adds up! Just think what you could use your savings for. It could help towards that rainy day or that sunny holiday.
| Savings | How much would I save in 1 year? | How much would I save in 2 years? | How much would I save in 5 years? | How much would I save in 10 years? |
|---|---|---|---|---|
| Saving £1 a day | £365.00∞ | £730.00∞ | £1,825.00∞ | £3,650.00∞ |
| Saving £2 a day | £730.00∞ | £1,460.00∞ | £3,650.00∞ | £7,300.00∞ |
| Saving £20 a week | £1,040.00∞ | £2,080.00∞ | £5,200.00∞ | £10,400.00∞ |
| Saving £40 a week | £2,080.00∞ | £4,106.00∞ | £10,400.00∞ | £20,800.00∞ |
| Saving £200 a month | £2,400.00∞ | £4,800.00∞ | £12,000.00∞ | £24,000.00∞ |
∞The figures used assume a 365 day year does not include interest and assumes no withdrawals are made from your savings. |
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What rate of interest will I earn?
Rates effective at 1 May 2008.
| Balance | Gross P.A.* | Net P.A.* | AER** |
|---|---|---|---|
| Annual Interest Rates | |||
| £1,000 - £1,000,000 | 4.75% | 3.80% | 4.75% |
| Monthly Interest Rates | |||
| £1,000 - £1,000,000 | 4.65% | 3.72% | 4.75% |
Annual interest will be paid on the anniversary of the account being opened. All rates shown are variable. |
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How much can I save & can I add to my account?
You can open a Family Saver from just £1, up to a maximum balance of £1,000,000 including interest. You can add to your savings when you want, paying in as much as you want. For every branch account opened we will donate £1 to a good cause in the area.
Can I make withdrawals?
Yes, you can make as many or as few withdrawals as you need, without notice or charge.
How is a local good cause supported?
For every Family Saver opened at one of our branches we will donate £1 to a good cause in the local area, from our Sponsorship and Donations fund. The national charity we have chosen has a family theme and the minimum donation it receives will be £500, even if the local branch doesn’t open 500 accounts each year.
However, if plenty of people take up this fantastic opportunity, they could receive much more. Read on to find out which organisation your local branch is supporting.
Which good cause is my branch supporting?
We have chosen the same charity for each of our branches, Home-Start. Home-Start supports families in local communities across the UK. Through a network of over 15,000 trained volunteers, Home-Start offers regular practical and emotional support to parents with very young children – lending a hand (or an ear) so they can give their children the best possible start in life.
Our donation will go towards specific Home-Start family events in the communities surrounding all our branches, including helping to set up a brand new scheme in the greater Scarborough area. It is our aim to help Home-Start to bring families closer together and engage those who need the charity's help the most.
So, as well as enjoying a great return on your savings, by opening a Family Saver account, you can rest assured that you are helping us to build lasting community relationships, and long term benefits to families and children, while collaborating to use our donation to its maximum advantage.
Home-Start are a charity registered in England and Wales (registered no. 1108837), their registered address is Home-Start, 2 Salisbury Road, Leicester, LE1 7QR.
Is my interest rate guaranteed?
The annual interest rate is guaranteed to be the same rate as the interest rate paid on Young Supersaver. If you choose to have your interest paid monthly it is guaranteed to be 0.10% below the annual rate. Both accounts have a variable rate of interest, which can move down as well as up.
Can I have more than one Family Saver account?
Yes, you can have as many Family Saver accounts as you wish providing you have at least one Young Supersaver or Children’s Saving Bond account opened at the same address. This is subject to the overall member limit of £1,250,000.
Related terms & conditions
Please ensure you have read all the above terms & conditions, as well as all terms and conditions contained within the terms and conditions section.
How can I apply for an account?
- Please ensure you have read and understood all of the above terms & conditions.
- Then either complete our application form, call in to your nearest branch or telephone Investments Direct on 0845 634 3760†.
- Family Saver is available through the Society’s branches and Investments Direct and may be withdrawn at any time without notice.
* The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate (the net figures quoted assume liability at a tax level of 20% for illustrative purposes only).
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Please note that the account specific Terms and Conditions may preclude you from earning these rates.