Call us on 01664 414141 between 9am and 6pm Monday to Friday and 9am and 12pm on Saturdays
 

Melton Homesave Account

The Melton Homesave account is designed to encourage you to save regular monthly amounts towards a deposit on your home.  You may be eligible to apply for a Melton mortgage without having to pay an application or completion fee.

 

Account Name Melton Homesave
What is the interest rate?
1.25% gross / 1.26% AER
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Interest, payable at the end of each month, can be added to the account, transferred to your bank account or transferred to an existing Melton savings account.

Can the Melton Building Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you thirty days’ notice before any change that would disadvantage you.

For full details please read our Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 in this account, after 12 months you would have £1012.57.

(This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.)

How do I manage and open my account?

This account is only for UK resident individuals aged 16 and over living in Leicestershire, Nottinghamshire, Lincolnshire or Rutland or to customers who have been members with the Society for 5 years or more.

Accounts can be opened with a minimum amount of £100 and the maximum that can be held in this account is £20,000.

To open an account, simply complete an application form (available from branches or within the How to Apply section below). Limited to 1 account per person. Manage your account by visiting a branch of the Society or by forwarding your written instructions to us.

Can I withdraw money?

30 Days’ Notice – you will need to give 30 days’ notice of your intention to withdraw funds. This will be waived if the amount being withdrawn is to be used for all or part of a deposit to purchase a property with a Melton mortgage.

You can make withdrawals from your account by visiting a branch of the Society or by forwarding your passbook with written instructions to us. You can also transfer funds from your account to a nominated bank/building society account.

Withdrawals are subject to the limits explained in our savings terms and conditions.

Additional information

Savers who have met the account requirements will be eligible to apply for a
Melton mortgage with NO application fee or completion fee.

Eligibility for the mortgage ‘no fees’ benefit depends on the account having been open for at least 12 months with a minimum monthly deposit of £100.

The savings account can be opened in your sole name or in joint names (only one account per person), but is for UK resident individuals only aged 16 or over.

You must be aged 18 or over to be eligible to apply for a mortgage. Applying for a mortgage is subject to full underwriting procedures.

This is a summary of the key features of this account. You will still need to read the savings terms and conditions.

Tax treatment depends on individual circumstances and may be subject to change in the future
How to apply

Simply download, print and complete the application form using the link below. Please return your completed form, necessary identification and opening cheque to your local branch or post it to The Melton, Mutual House, Leicester Road, Melton Mowbray, Leicestershire LE13 0DB. Cheques should be made payable in the name of the account holder.

You should also read our savings terms and conditions to ensure you understand the features and conditions of this product.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Interest Rates

  1. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%.
  2. Net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the rate specified, currently 20%.
  3. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year (as every advert for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
  4. The tax free rate is the contractual rate of interest payable where interest is exempt from income tax.
  5. The Melton Mowbray Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000.
  6. Rate of interest payable depends on individual circumstances and may be subject to change in the future.
  7. Tax treatment depends on individual circumstances and may be subject to change in the future.
Click here for our handy guide to making the most out of your savings

Get In Touch

Call one of our friendly advisors on 01664 414141. Opening hours 9am to 6pm Monday to Friday and 9am to 12pm on Saturday.

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