Melton Homesave Account

Coronavirus - Help us to help you

We are working hard to maintain the best service we can for you. As you can imagine our telephone lines are exceptionally busy at the moment. So we are asking for your help too.

In the interests of the health of both our customers and our staff, please avoid visiting our branches unless necessary. Please telephone your local branch direct if you have any queries or to register to use our online services.

To reduce the risk to our branch staff and customers, from 1 September our branch opening hours will temporarily be: Monday to Friday 9am – 3pm. We are currently closed on Saturdays. Branch telephones will be open 9am to 4.30pm Monday to Friday.

Our telephone opening hours at Principal Office will be 9am – 6pm Monday to Friday.

Please note from Friday 24 July visitors to our branches and Principal Office will be required to wear a face covering.

Thank you for your cooperation

EMAIL SCAM EXPLOITING JOB RETENTION SCHEME

Please beware of the following phishing email scam – National Trading Standards have passed on an alert about a phishing scam based on impersonating correspondence from the Government’s Job Retention Scheme.

The scam involves phishing emails to companies about the scheme
The emails pretend to be from Jim Harra, First Permanent Secretary and Chief Executive of HMRC
The sender email address used is no-reply@ncryptedprojects.com
the emails use Official HMRC branding, and the message asks for the bank details of the recipient.

An example message is provided below – the typos are the fraudsters’ own work:

“Dear customer, We wrote to you last week to help you prepare to make a claim through the Coronavirus Job Retention Scheme. We are now writing to tell you how to access the Covid-19 relief. You will need to tell your us which UK bank account you want the grant to be paid into, in order to ensure funds are paid as quickly as possible to you.”

NO EXCUSE FOR DOMESTIC ABUSE

According to data from the Home Office and charities supporting victims, the pressures of living under COVID lock-down have caused a rapid increase in cases of domestic abuse. Abuse can take the form of coercive control, deliberate neglect and verbal or physical aggression. It often involves economic abuse (coercive control of the victim’s finances to steal their money and / or deny them the right to spend it). We’re supporting the Government’s campaign to raise awareness about help for victims of domestic abuse. You can find further guidance on how to get help here: https://www.gov.uk/guidance/domestic-abuse-how-to-get-help

COVID-19 – ZOOM SCAM

Scammers are sending emails posing as the Zoom download manager asking the recipient to complete their download by clicking “next”, which releases malware when clicked. The only safe way to set up Zoom for personal use is to go on the Zoom official website and download it yourself.

COVID-19 – TEXT SCAM

Please beware of a new text scam purporting to be from the Government which informs the recipient via a text that they have been issued a £250 fine for leaving the house during the lock-down as the Government have been tracking their movements using their phone. The recipient is told that if they don’t pay immediately they will incur a heavier fine and encouraged to click on a link to make the payment which may deliver malware as well as taking the payment and their account details.

COVID-19 – FRAUDULENT EMAILS

During the coronavirus outbreak, many companies and organisations have sent emails containing COVID19 updates to their customers to make them aware of their current response and status. As these types of emails have now become increasingly frequent, criminals have started to use this familiarity to their advantage. These fraudulent emails, framed as a corporate COVID-19 response, contain malicious attachments and are targeting individual consumers and companies alike…

Emails may also be disguised as coming from a hospital that inform the recipient they may have come in contact with an individual who tested positive for COVID-19. The email instructs the recipient to download an attached Excel file, complete a form, and bring it to the nearest hospital. Once the attachment is downloaded, the malware has been activated and the attackers may be able to access your data.

Please keep in mind that typically, legitimate COVID-19 response emails have a message only in the body of the email and do not contain attachments.

COVID-19 – PROTECT YOURSELF FROM FRAUD

There is some evidence that criminals are attempting to use the current COVID-19 situation as an exploitation opportunity, so please be extra vigilant before clicking on an email about the coronavirus outbreak. If a claim sounds too good to be true, it probably is.

Criminals use exceptional circumstances like the current situation as a chance to pose as employees of a genuine organisation such as building society, bank or police and target you for fraud scams. They may claim they are dealing with coronavirus-related issues that require you to respond by paying money or providing personal information that will allow them to access your account. They often use pressure tactics to stop you thinking about want they want you do for them.

To help you stay protected, here are some things that we will never do:

Ask you to disclose your PIN number or other passwords for your accounts
Encourage you to move funds from your own account into a different “safe” account
Charge up-front fees for repayment holidays
Make home visits to collect mortgage arrears on your doorstep
Demand an immediate payment of mortgage arrears over the phone
Demand payment of mortgage arrears via email providing you with a link through which to make payments.

Please remain vigilant.

Stop – Take a moment to think.
Challenge – Don’t be afraid to ask questions or to say “No” and end the conversation.
Protect – Contact the building society or the bank from which you have made a payment immediately if you think that you have been the victim of fraud.

Coronavirus Update

We understand that some customers may be worried about the effect that contracting the Coronavirus (COVID-19) could have on their finances, for example due to a drop in income as a result of contracting the virus or because of the measures imposed to stop it spreading. If you have any concerns about how this could affect you and your mortgage, please click here to read the leaflet produced by the Building Societies Association and National Debtline or please get in touch on 01664 414141.

Please click here to see a list of Frequently Asked Questions for our members.

The Melton Building Society

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.

This account is currently closed to new customers

Account Name

Melton Homesave

What is the interest rate?

0.30% gross / 0.30% AER

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PLEASE NOTE - the interest rate on this account will be reducing to 0.30% gross / 0.30% AER on 1 September 2020

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 £1006.52.

(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 see 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

This account is currently closed to new customers

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

Coronavirus - Help us to help you