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Family Boost Fixed Savings Account
This account lets you use your savings to help a family member who doesn’t have a deposit to buy their first home. There's no access to your savings for 3 years and only 1 person can have the account.
Features and benefits
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4.44% AER/gross for any balances over £1.
- The interest rate is fixed, which means it won't change during the 3-year term.
- Your interest is paid each year. This will be on the date the account changed from an Everyday Saver to a Family Boost Fixed Savings Account.
- We’ll pay your interest into your account, or you can ask us to pay it to another account you have.
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No. This account has a fixed rate of interest so the rate won’t change during the 3-year term.
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For example, if you deposit £20,000.00 when you open the account, the balance after 36 months will be £22,784.03.
This assumes the Family Boost mortgage has been kept up to date. We haven’t needed to take out money to cover any missed payments. And your interest is paid into this account.
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You can only open a Family Boost Fixed Savings Account in your sole name.
You can apply for this account if:
- it is being opened as part of the Family Boost Mortgage Scheme
- you agree the balance, except for interest, can be held as security against the Family Boost Mortgage
- you accept you will not be able to access the savings until the charge is released
- you’re 18 or over, resident in England or Wales, and you aren’t a named applicant on the mortgage
- either you or the mortgage applicant have a Reward or Ultimate Reward Current Account.
You will need to open an Everyday Saver savings account online first to pay your deposit into. The mortgage applicant will receive a declaration that you will need to sign and complete. The deposit must be 10% of the property purchase price and can't be more than £50,000. We need to receive this at least 7 working days before the property purchase completes (not including Saturdays, Sundays or English bank holidays).
Before the house purchase completes, we’ll change your account to a Family Boost Fixed Savings Account. The 3-year term starts on the day the account is changed to a Family Boost Fixed Savings Account.
You can manage the account online.
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No. You can’t take out any money during the term or close the account early.
The money is held as security against the Family Boost Mortgage. This means we can withdraw from the account to pay off arrears on the mortgage if the mortgage repayments have not been kept up to date. If we do this you may get back less than you deposited.
After 3 years we’ll change the account to an Instant Saver. Before this happens, we'll contact you to explain your options and next steps. If the mortgage had been kept up to date then you will then be able to access your savings. But if the mortgage has not been kept up to date, the legal charge may continue after the 3-year term with the Instant Saver.
You will be able to access your money once the arrears have been cleared and the mortgage is up to date.
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Start your Family Boost fixed savings account
You'll need an Everyday Saver account to get started.
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