Saving with Teachers helps teachers buy homes | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

Advertisement

Moneyfacts.co.uk -

Sponsored Content
Published: 25/07/2022

Written by Teachers Building Society.

This article is not intended to be finance advice to any individuals. The views expressed are those of the author and Moneyfacts.co.uk does not endorse the content.

 

Without our savers, Teachers Building Society wouldn’t exist.

Building societies have long worked on the basis of using collective savings deposits to support mortgage lending – Teachers Building Society is no different to other mutuals in that respect. But there is something unique about our savings that you might not know. Because we’re a specialist teacher mortgage lender, when you choose to save with us you are directly helping us lend to more teachers so they can buy their first homes. We think that’s something special. 

Back in the ‘Swinging Sixties’ when we were founded, single women, and men in relatively low paying jobs like teaching, found it hard to get a mortgage to buy a home. Despite it being a decade known for its vibrant culture, technological advancements, national sporting success and space travel triumphs, finance for women was hard to come by. They typically needed male ‘permission’ to even open a bank account, let alone take out a mortgage. Teachers Building Society was formed in 1966 specifically to solve this problem. The Society firmly believed that any young teacher who wanted to buy a home should be able to achieve that dream, regardless of gender.

We also recognised that the best way to help teachers achieve that was to harness the power of savers. And it was savers who we first welcomed as members in 1966, raising £7 million of funding in two years that would form the basis of our mortgage lending.

Savers have remained integral to the Society ever since. Which is why, after suffering through a low interest rate period which benefited borrowers but not savers, we’re now aiming to offer savers old and new a choice of competitive accounts in which to deposit their money.

One way we’re doing that is through our range of fixed rate cash ISAs. For example, our cash ISA with a rate of 2.15% is fixed until January 2024 and is currently the top fixed rate deal of this term1. The Society’s ISAs are available to everyone, not just teachers, because saving with Teachers Building Society helps teachers buy homes. We think that’s a cause any saver can be proud to support.

All our fixed rate cash ISAs have a minimum opening balance of £1,000. Withdrawals can’t be made from these accounts, but early closure is permitted subject to loss of interest as specified in the terms and conditions of the account. The ISAs all accept transfers in from other providers, which means that, in addition to making the most of the current tax year’s ISA savings allowance of £20,000, savers can choose to transfer in previous years’ ISA contributions from another provider (up to a maximum account limit of £250,000) – a process we can help manage.

There are three ways to apply for the fixed rate ISA accounts. Firstly by completing an online application on our website, secondly by requesting an application pack via our website or finally by calling our helpful member services team on 0800 783 2367, who will be happy to post an application pack out.

1 Correct as at 21.07.2022

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy