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Richard Taylor

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Review of the Family Building Society, Savings:

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Windfall Bonds - A Wasted Opportunity

I have just received the annual statement for our £120,000 'invested' in 'Windfall Bonds'. We made exactly £ 136.42. When we kept just £ 100k in Premium Bonds we received this sum most months in prizes! Yes, statistically the Windfall Bonds are more likely to pay out; practically, however, they are the poorer performer. Reviewed on: 3rd May 2019

Reply from Family Building Society Hi Richard, thanks for your review and feedback. I am sorry you are disappointed with the interest you’ve received from your Windfall Bonds. There are 2 elements to the Windfall Bond, an interest rate linked to the Bank of England Rate and the chance of winning in our monthly prize draw. The number of Windfall Bonds qualifying for entry to the draw varies from month to month, as some bonds are withdrawn and others purchased. In order to keep the chance of winning a prize constant and known in advance, 10,000 unique tickets are entered into each monthly draw. Each qualifying bond is allocated one of these tickets. In each monthly draw thirteen winning tickets are drawn at random by an independent third party appointed by the Society. A prize is paid for every qualifying bond allocated to a winning ticket. No prize is paid for any of the thirteen tickets drawn that are not allocated to a qualifying bond. I would stress that the draw is designed in such a way that each bond has the same chance of winning a prize each month irrespective of the actual number of bonds qualifying for a ticket that month. For more information about how the Windfall Bond works please visit https://familybuildingsociety.co.uk/Savings/Accounts/WB_how-it-works.aspx We do have other savings accounts, some which pay a higher rate of interest. Please see our website https://familybuildingsociety.co.uk/Savings/Savings-home.aspx Response date: 3rd May 2019

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