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Family Assist Savings Account (Issue 2)

How to apply

1.00 %Gross/AER

  • A variable rate of interest
  • Invest a minimum of 10% of the property price
  • This account can only be operated in branch

Summary Box

Account name

Family Assist Savings Account (Issue 3)

What is the interest rate?

1.00% Gross/AER.

The interest is paid annually and will be credited to your account after close of business on 1 January.

Can Progressive change the interest rate?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings Service Agreement.

If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.

What would the estimated balance be at the end of the fixed term based on a a 10% deposit?

£10,201

This example assumes the mortgage applicant purchases a property valued at £100,000.00 and contributes a 5% deposit towards the mortgage. This example is based on a family member lodging 10% of the property value, or purchase price, for the full term of the savings account.

How do I open and manage my account?

The Family Assist Savings Account is available to savers who:

  • are over 18 years of age;
  • reside in the United Kingdom, and
  • are supporting a family member purchasing a property with the Society’s Family Assist Mortgage.

You must seek independent legal advice before opening a Family Assist Savings Account.

The Society will take a Guarantee and Charge over the funds lodged to the Family Assist Savings Account. However, the Guarantee and Charge over Savings Account does not cover any interest earned throughout the term of the account.

Any funds lodged to the Family Assist Savings Account must be cleared before the associated Family Assist Mortgage completes.

The property value, or purchase price, must be at least £75,000 and cannot exceed £500,000.

The amount available to lodge to the Family Assist Savings Account can vary depending on the purchase price of the property. The amount to be lodged to the Family Assist Savings account must be a minimum of 10% or a maximum of 15% of the purchase price of the property (depending on the Family Assist Mortgage Product). This is based on the borrower contributing 5% towards the house purchase.

The required balance must be lodged before the Family Assist Mortgage account completes and no further lodgements will be accepted.

Your savings can remain in the Family Assist Savings Account for the full 2 year term even if the third party charge has been released before the maturity date.

The account can only be opened and closed in person at any of the Society’s branches.

Can I withdraw money?

You cannot make any withdrawals or close the account until the Guarantee and Charge over Savings Account is released.

The funds are committed to the Society for a period of 2 years.

The account will mature 2 years after the associated Family Assist Mortgage commences, which is the date the mortgage funds are sent to the borrower’s solicitor to complete the house purchase.

We will write to you at least 14 days before releasing the Guarantee and Charge in order to advise you of the options available to you for the balance of your account.

If we do not receive written instructions from you, the quoted variable rate of interest will cease to apply on the date of maturity and the balance of your account will be rolled over into a variable rate instant access account at the interest rate prevailing at that time.

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from your savings over time.

Gross rate quoted is the taxable rate of interest without deduction of income tax.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HM Revenue & Customs (HMRC) website hmrc.gov.uk.

We reserve the right not to renew your account at the end of the term, but will give you at least 30 days notice before the maturity date should we intend to exercise this right.

The interest rate is correct as of 15 November 2019.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. You can obtain a copy of these documents in the ‘Useful Information’ section below.

How to apply

Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings Service Agreement and FSCS Information Sheet in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.

In branch

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

Visit your local branch to open this account.

Find your nearest branch