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Online Fixed Rate to 30 October 2024 (Monthly Interest)

The Melton Online Fixed Rate Savings account means you earn 2.37% gross on your savings until 30 October 2024.

This account is limited – once the account has been withdrawn from sale, no further deposits will be accepted.

Account Name Online Fixed Rate to 30 October 2024
What is the interest rate?
2.37% gross / 2.40% AER
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Monthly 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 21 August 2024. For full details please read our Terms and Conditions.

What would the estimated balance be at the end of the term based on a £5,000 deposit?

Based on the current rate of interest, if you deposited £5000 in this account, at the end of the term 30 October 2024 you would have £5284.11.

(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 £5000 and the maximum that can be held in this account is £250,000.

This account is available for new and existing customers – new funds only.

You can open and manage your account online 24/7, via our website.

This account is limited – once the account has been withdrawn from sale, no further deposits will be accepted.

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 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 an Online 30 Day Notice account. If your funds are automatically reinvested into our Online 30 Day Notice account, you may cancel it within 30 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

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

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  1. Gross rate is the contractual rate of interest payable without tax taken off.
  2. It is your responsibility to declare any interest you earn over your Personal Savings Allowance directly to HMRC
  3. 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%.
  4. 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).
  5. The tax free rate is the contractual rate of interest payable where interest is exempt from income tax.
  6. The Melton Mowbray Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000.
  7. Rate of interest payable depends on individual circumstances and may be subject to change in the future.
  8. Tax treatment depends on individual circumstances and may be subject to change in the future.

Following the Bank of England Base Rate increases, our Standard Variable Rate is due to increase from 5.39% to 5.64% with effective from 1st August 2022.

Please bear with us our telephone lines will be busier as we help customers.

If you have any concerns about financial difficult as a result of this change, please contact the Mortgage Services Team on 01664 414141 so we can help support you.

Oakham Branch

On Saturday 13th August 2022 our Oakham Branch will be closed for refurbishment.

Our Grantham and Melton Branches will remain open.

We apologise in advance for any inconvenience this may cause