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Online 180 Day Notice (Annual 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.

Account name Online 180 Day Notice (Annual Interest)
What is the interest rate?
4.50% gross / 4.50% AER
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Interest, payable annually on 31 March, 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 the rate to reflect market conditions, to comply with legal or regulatory guidelines and to protect the Society’s long-term future.

We’ll give you 14 days’ notice before making 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 £1,000 in this account after 12 months, you would have £1,045.00.

This figure is only an estimate, based on:

  • there being no additional deposits
  • no withdrawals being made
  • no rate changes in that time with all interest being added to your account.

This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.
How do I manage and open my account?

This account is only for UK resident individuals aged 16 or over. The account may be opened and operated by a maximum of four account holders.

This account is for new and existing customers.

Accounts can be opened online with a minimum amount of £1,000 and the maximum that can be held in this account is £250,000.

You can manage your account online 24/7, via our website.
Can I withdraw money?

Yes, you can withdraw money as long as you give us 180 days’ notice. By logging into your online account, you can 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. The maximum amount you can withdraw in a day without giving notice is £25,000. If you close your account in the first 180 days, you might get less back than you deposited.

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

Please note, by opening this online savings account you accept and acknowledge:

  • The primary method of communication between us will be by email
  • The Society will inform you by email when holding members general meetings, in particular notice of its annual general meeting.

This is a summary of the key features of this account. You will still need to read the general 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 this product’s features and conditions.

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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.
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 are 9:00am – 5:30pm Monday to Friday.

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Bank of England Base Rate

On 1st August 2024 the Bank of England’s Monetary Policy Committee (MPC) met and decided to decrease the Bank Base Rate by 0.25% to 5.00%.

Following this change, Base Rate tracker mortgages will be decreased by 0.25% from the 1st September 2024.

Please bear with us – our telephone lines may be busier than usual as we help our customers.

If you have any concerns about financial difficulty, please contact the Mortgage Services Team on 01664 414141 so we can help support you.