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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, branch opening hours have temporarily be reduced to 9am - 1pm Monday to Friday and 9am – 12pm Saturdays.

We have also temporarily reduced our telephone opening hours at Principal Office to 9am - 3.30pm Monday to Friday and 9am – 12pm Saturdays. We apologise for any inconvenience this may cause.

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.

Coronavirus Scams

The Society is aware of fraudsters using the Coronavirus outbreak to try and trick people into parting with their money. Here are four types of fraudulent activity that we are aware of:

  • Sales of ineffective protective face masks
  • Coronavirus-themed phishing emails with malicious links and attachments
  • Fraudsters sending texts and emails pretending to be from the World Health Organisation (WHO) claiming to be able to provide a list of infected people in their area. Please remember to be wary of links and attachments from unsolicited emails and texts and take care not to provide your personal or financial details
  • Posing as employees of a bank or building society. Please click here to read further guidance on how to protect yourself

Thank you for your patience.

The Melton Building Society

Call us on 01664 414141 between 9am and 6pm Monday to Friday and 9am and 12pm on Saturdays
 

Online Offset Share Savings

melton online savings accounts

An offset share savings account means you can offset your savings against your mortgage and only pay interest on the difference.

Account Name Online Offset Share
What is the interest rate?

You will not earn any interest on any balance in the Online Offset Share account as any investment up to the maximum limits permitted is being used to reduce the amount of interest charged on your mortgage.

Offset Share accounts are the only savings accounts which can be linked to a mortgage. An Offset Share can only be linked to one mortgage. The mortgage will be linked with an Offset Share to reduce the amount of interest charged on the mortgage. Mortgage interest will be calculated on the daily difference between the mortgage balance and the share account balance.

Subject to any future changes in legislation by the Inland Revenue, as you will not be receiving interest on your Offset Share account, you will not be liable to Income Tax on your Offset Share account.

Can the Melton Building Society change the interest rate?

n/a

What would the estimated balance be after 12 months based on a £1,000 deposit?

As no interest is paid on this account, if you deposited £1000 in this account, after 12 months you would have £1000.

How do I manage and open my account?

This account is only for UK resident individuals aged 18 or over who have a mortgage with the Melton

For the online option, your account will be opened manually by a member of staff upon completion of your mortgage but operated online by you. Alternatively, you can request to open an Offset Share after completion has taken place.

Once open you will have easy access to your savings 24/7 which will allow you to manage your account via our website.

Accounts can be opened and managed with a nil balance. You can invest and maintain up to 20% of the current balance of your mortgage to a maximum of £250,000.

Any savings in excess of the 20% limit will not be included in the share balance when calculating the daily difference between your mortgage and share balance.

We do not assume the responsibility to notify you if the Offset Share account balance exceeds the 20% allowance and you are not receiving any real benefit on the excess.

Your monthly mortgage repayments will not be adjusted either up or down as a result of the amount held in an Offset Share account linked to your mortgage.

You may make withdrawals from the Offset Share without notice or penalty, subject to branch, or online limits. There is a maximum daily withdrawal limit of £10,000.

Can I withdraw money?

Easy Access - you can transfer funds from your account online without notice or penalty to a nominated bank/building society account.

When you withdraw funds, interest is calculated up to the day prior to the withdrawal being made for the purpose of calculating the daily difference between the mortgage balance and the Offset Share account balance.

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

Additional information

This is a summary of the key features of this account. You will still need to read the savings terms and conditions.

If upon redemption of the mortgage we have not received any instructions to either transfer the Offset Share or to close the account, the account will be transferred to our Instant Access Share account.

Tax treatment depends on individual circumstances and may be subject to change in the future
  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.