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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.

This account is currently closed to new customers

Account name Online 180 Day Notice (Annual Interest)
What is the interest rate?
3.45% gross / 3.45% 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 £1,034.50.

This figure is only an estimate, based on:

  • the current rate of interest
  • 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
Your Personal Information

At the Melton we take your privacy seriously and always treat your personal details with utmost care. We promise to keep your information safe and secure and never share it with other companies for marketing purposes.

You can read more about how we collect and process your personal data in our privacy notice, which you can access here.

Gross rate is the contractual rate of interest payable without tax taken off.

AER stands for annual equivalent rate and shows what the rate would be if interest was paid and compounded each year. Because every advert for a savings product that quotes an interest rate will contain an AER, you can compare the return you can expect from your savings over time.

How to apply

Please read our savings terms and conditions to ensure you understand this product’s features and conditions.

This account is currently closed to new customers

AER

  • The Annual Equivalent Rate (AER) shows you what interest rate your savings account will earn over a year.

Annual interest

  • Interest is money that we pay to you based on the amount of savings you hold with us. The rate of interest you will earn is given as a percentage. If your interest is paid annually, this means that you will receive it on a yearly basis. The date you receive this payment will be in the terms of your account.

Cash ISA (Individual Savings Account)

  • This is a type of savings account that is tax-free meaning you don’t pay tax on any interest you earn.

Easy access account

  • This is a type of savings account that allows you to withdraw your money without providing notice.

Financial Conduct Authority (FCA)

  • The FCA are a regulatory body in the UK, operating independently from the government. They are responsible for regulating the financial services industry in the UK, which includes protecting customers and keeping the industry stable.

Financial Services Compensation Scheme (FSCS)

  • The FSCS is a government scheme that protects savings you may hold with us, up to the value of £120,000. It is there to provide compensation if the Society was to fail, and you were to lose money.

Fixed rate

  • A rate of interest that remains the same for a set period of time, as outlined in the terms of your account.

Gross interest

  • This is the interest rate that is payable without the tax taken off.

Maturity date

  • This is the end date of your savings account, if your account has a maturity date this will be specified in your product terms. Once you reach this date, we will contact you to see what you’d like to do with your money.

Monthly interest

  • Interest is money that we pay to you based on the amount of savings you hold with us. The rate of interest you will earn is given as a percentage. If your interest is paid monthly, this means that you will receive it on a monthly basis. The date you receive this payment will be in the terms of your account.

Notice account

  • This is a type of savings account that requires you to notify us a set number of days before you wish to make a withdrawal, the amount of notice you need to give will normally be detailed in the terms of your account.

Penalty

  • This is a charge you may incur if you don’t stick to the conditions of your account. For example, you may incur a penalty if you make a withdrawal from a notice account without serving the full notice period.

Personal Savings Allowance

  • This is the total amount of interest you can earn across all your savings accounts, not including ISAs, over the course of a year without paying tax. This includes all savings accounts that you may hold across different providers. More information can be found here: https://www.gov.uk/apply-tax-free-interest-on-savings

Prudential Regulation Authority (PRA)

  • The PRA form part of the Bank of England. They are a regulatory body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

Regular savings account

  • This is a type of savings account where you can make deposits into the account on a monthly basis. Some regular savings accounts may have limits on how much you can deposit per month and how many withdrawals you can make.

Variable rate

  • A rate of interest that can go up or down during the lifetime of your savings account.
Click here for our handy guide to making the most out of your savings