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Union Home Saver

Designed to help you save for a mortgage, our Union Home Saver account is available exclusively to members of the National Education Union (NEU) and offers £600 cashback* if you take out a mortgage with Teachers Building Society. 

Benefits to you

  • Low minimum investment of £100
  • One attractive variable interest rate, currently 1.05% gross/AER
  • Add money to your account at any time up to a maximum of £6,000 per year (or £12,000 if a joint account)
  • Withdrawals can be requested at any time online by giving ​35 days' written notice by post to the Society. Immediate withdrawals are permitted if the funds are to be used towards a mortgage with Teachers Building Society. 
  • Withdrawals will be transferred to the investor's nominated bank account by the Faster Payments Service

     Summary Box

    Account name  ​Union Home Saver 

    What is the interest rate? Gross/AER Net  Bonus 
    1.05% 

    N/A  N/A 
    Can Teachers Building Society change the interest rate?  The interest rate for this account is variable, meaning that it can be changed at any time in accordance with section 6.4, 6.5
    and 6.6 of the applicable terms and conditions. You will
    be informed in writing if the Society changes the interest rate applicable to your account. 

    What would the estimated balance be after 12 months
    based on a £1,000 deposit? 
    The estimated balance after 12 months based on a £1,000 deposit would be £1,0​11. This amount is based on the assumption that all terms and conditions for the account are met. 

    How do I open and manage my account? This account can be opened by post only. After the account has been opened, it can be managed via ​post and online.
    The minimum opening balance for this account is £​100 with a maximum investment of £6,000 per year (£12,000 if a joint
    account). The total maximum investment for this account is 
    £25,000 (£50,000 if a joint account). 

    Can I withdraw my money? Withdrawals may be made with no loss of interest following 35
    days' written notice by post or online. Immediate withdrawals or closures are only permitted if the funds are to be used towards a mortgage with Teachers Building Society.

    The Society will then transfer the money to your nominated account by the Faster Payments Service. 

    Additional information 
    • Available to National Education Union (NEU) members
    • *£600 cashback following completion of a Teachers Building Society mortgage (£500 cashback with the ​Union Home Saver account and an additional £100 cashback
      based on NEU membership at the time of completion)
    • Daily interest
    • Interest paid annually on December 31st
                                         

    How to apply

    Download the Union Home Saver Application Form.

    If you have any questions regarding this product or the application form, you can contact us:

    • By email
    • By letting us​ call you
    • By calling us on 0800 783 2367

    Complete and sign the form and post it to:

    FREEPOST,
    Teachers Building Society,
    Allenview House,
    Hanham Road,
    Wimborne,
    Dorset
    BH21 1BR

    To view the application form, you will need to use Adobe Acrobat Reader. If you do not have this installed on your computer, please click here to download it.

    IMPORTANT INFORMATION

    You must be sure that you have read and understood how the account works and that it will suit your requirements.

    At Teachers, we like satisfied customers. If you are not happy with your new account you can switch to another type within 14 days or have your money refunded with interest. See our 'Savings Account Terms and Conditions', which you should review before opening your account. All terms and conditions can be found on our Savings Terms and Conditions page.

    The Society is a participant in the Financial Services Compensation Scheme (FSCS). For more information on this, please​ click here.

    Protecting your account - we will treat your account and personal information as private and confidential, but there are some things you can do to prevent the misuse of your account. Please click here for more information.

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    Buying your first home?

    Request a copy of our free mortgage guide containing useful tips and an overview of the home buying process.

    Find out more

    Want to have a chat with someone?

    You can arrange a call back, send us a message or get straight through to the friendly team on 0800 783 2367.

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    FAQs - Union Home Saver

    • How do I open an account?

    • When will interest be paid?

    • How will interest be paid?

    • How and when will the cashback be paid?

    • Can I make withdrawals?

    • How long do I need to wait for a cheque to clear?

    • What happens if my balance falls below £100?

    • What documentation will I receive?

    • What do you mean by gross, net and AER rate?

    • Will I receive a windfall payment if you convert?

    • What happens if I change my mind?

    • How do I close my account?

    • Is the Society a participant of the Financial Services Compensation Scheme?