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Online Fixed Rate to 30 August 2023

The Melton Online Fixed Rate Savings account means you earn 1.35% gross on your savings until 30 August 2023.

THIS IS A LIMITED ISSUE ACCOUNT WHICH WILL BE WITHDRAWN IMMEDIATELY WITHOUT NOTICE IF FULLY SUBSCRIBED.

Account Name Online Fixed Rate to 30 August 2023
What is the interest rate?
1.35% gross / 1.35% AER
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Interest, payable annually on 31 March, can be added to the account, transferred to your nominated bank/building society 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 30 August 2023. 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 August 2023 you would have £5096.70.

(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 online with a minimum amount of £5000 and the maximum that can be held in this account is £250,000.

This account is for new and existing customers, transfers from existing accounts with the Society are permitted.

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

Making an initial deposit – you will have 30 days from submitting your application to make your initial deposit.

This account is limited - once the account has been withdrawn from sale, no further deposits will be accepted.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 14 days 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 increase from the 5th May we are reviewing our product rates.

Please also bear with us as our telephones lines will be busier as we help our customers