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180 Day Notice Account (Monthly Interest)

With 180 days’ notice required for you to make a withdrawal, you don’t have to lock away your funds for too long and you can earn a higher interest rate than other variable-rate accounts.

This account is currently closed to new customers

Account name 180 Day Notice (Monthly Interest)
What is the interest rate?
4.89% gross / 5.00% 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 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’ll give you fourteen 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 £1055.04.

 

(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 £500 and the maximum that can be held in this account is £500,000.

To open an account, see How to apply below.  Manage your account by visiting a branch of the Society or by sending us your written instructions.

Can I withdraw money?

180 Days’ Notice - you will need to give 180 days’ notice of your intention to withdraw funds from your account. You can make withdrawals 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.

 

You can also access your money without giving notice, but you will be charged 180 days’ interest on the amount you withdraw. Please note, this could result in a reduction in your capital balance if you withdraw within 180 days of depositing.

 

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

Additional information

This is a summary of this account’s key features. 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

This account is currently closed to new customers

  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.