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.

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

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.

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.

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.