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Fixed Rate Savings to 24 April 2020

fixed rate savings the melton

The Melton Fixed Rate Savings Account means you earn 1.25% gross on your savings until 24 April 2020.

THIS IS A LIMITED ISSUE ACCOUNT WHICH WILL BE WITHDRAWN IMMEDIATELY WITHOUT NOTICE IF FULLY SUBSCRIBED

Account Name Fixed Rate Savings to 24 April 2020
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 fixed for the term of the investment. The investment is for term to mature on 24 April 2020.

For full details please read our Terms and Conditions.

What would the estimated balance be at the end of the term based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1000 in this account, at the end of the term 24 April 2020 you would have £1037.94.

(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 or over.

Accounts can be opened with a minimum amount of £1000 and the maximum that can be held in this account is £500,000.

Once the account is fully subscribed no further deposits will be accepted. This account is for new funds and fixed rate maturity customers.

To open an account, simply complete an application form (available from branches or within the How to Apply section below).

Can I withdraw money?

Early withdrawals are not permitted during the fixed rate period.

Additional information

Fixed Rate Maturity Process - The Society will write to you 14 days before the date of maturity to set out your options. You will be invited to reinvest your maturing funds into an alternative product, transfer to an existing MMBS account or withdraw the balance. If we do not receive your instructions before the date of maturity, your money will default into a nominated account. If your funds are automatically reinvested into our nominated account, you may cancel it within 14 days of maturity. We will help you switch to another account or we will give all your money back with any interest it has earned. We will ignore any notice period and any extra charges.

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.

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

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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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