Family Building Society

Who they are

Family Building Society is a trading name of National Counties Building Society, based in Epsom, Surrey. National Counties itself has roots stretching back to 3 March 1896, when it was incorporated as the Fourth Post Office Mutual Building Society. In July 2014, National Counties launched the Family Building Society, specifically designed to help all generations of families across a wide set of financial offerings.

It is a mutual building society, meaning it is owned and run for the benefit of its savings and mortgage members. With no shareholders to pay, profits are put back into the Society to benefit members. National Counties is the UK's 11th largest building society, with over £2.2bn of assets and over 60,000 members.

The society concentrates on providing products and services designed to enable members of a family to provide mutual assistance - particularly parents who want to help their children. That family-first philosophy runs through everything from their mortgage range to their savings accounts, and it makes them a natural name to consider if you are saving on behalf of a child.

Savings accounts

The one savings product currently tracked by DepositScout for Family Building Society is their Junior Cash ISA. It pays a variable rate of 3.70% AER and can be opened with as little as £1. As with all Junior ISAs, the money is locked away until the child turns 18 - by design, not as a catch. Anyone can contribute, so grandparents and other relatives can pay in too, up to the annual JISA allowance.

The account requires a branch or postal application to open. There is no online application route, which is worth factoring in if convenience matters to you.

Rates are variable, so they can move up or down at any time. Always check the live rate shown on this page before applying, as the figure at the top of the market shifts regularly.

FSCS protection - an important note

Family Building Society sits within the same banking licence as National Counties Building Society. Because of this shared licence, FSCS protection covers a combined total of £120,000 across any savings you hold between the two - your money is not separately protected just because it sits with different brands. For a Junior ISA, where balances typically grow slowly over many years, this limit is unlikely to be a concern for most families. But if you also save with National Counties directly, it is worth keeping the combined total in mind.

Service and how it works in practice

Family Building Society offers an online service that is described as quick, convenient and secure, allowing customers to log in and manage their accounts. Customer reviews on Trustpilot are notably positive, with many people highlighting the personal service. One long-standing customer noted they were drawn to the society for its "excellent savings rates and a loyalty programme" and that this is still the case. For a smaller building society, that consistency of service reputation is reassuring.

Is it right for you?

Family Building Society is a solid, long-established mutual with a clear focus on family finances. If you are looking for a straightforward Junior Cash ISA, they are a credible choice - regulated, FSCS-protected up to £120,000, and starting from just £1. The 3.70% variable rate is competitive, sitting in the upper tier of the market, though a handful of providers do pay a little more at the time of writing.

The postal or branch application process and the lack of an app may put off those who want everything done digitally in minutes. But for parents or grandparents who are happy to take a slightly more traditional route, the society's track record and member-owned ethos carry real weight.

As always, rates move. Check the live figures shown on this page before you decide.