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Carol S

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Review of the Family Building Society, Savings:

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Read my review and don't take out a 5 year bond..

I had a 5 year bond with the society which expired mid october 24. As I was out of the country at the time, the society decided to reinvest my money in to another 5 year bond. I contacted them immediatley when I returned in December and contacted them to ask for the money to be returned to me as I did not with for another 5 year bond as I am elderlay and wnted the moeny. In papaerowrk provided, I was told that I could close the bond early but would loose any interest. I wasn't worried about this as the bond has only been in for 6 weeks, however I was told I could only close the bond if I paid the sum of £1030! This is disgusting and was never pointed out to me in previous dealings. I will be taking this matter further. Reviewed on: 30th December 2024

Reply from Family Building Society Dear Carol The 5 Year Fixed Rate Bond is a fixed term account where there is normally no access to the funds before maturity, except upon death. This is clearly stated in all the paperwork we provide. Any requests for early access to funds will be considered in cases of financial hardship, and evidence of this would be required. We charge a fee for early release of funds because there is a cost to us for doing so. I hope your query has been resolved. Kind regards Family Building Society Response date: 11th April 2025

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