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Coronavirus - Help us to help you

Our branch opening hours are: Monday to Friday 9am – 3pm and Saturday 9am to 12pm.  Branch telephones will be open Monday to Friday 9am to 4.30pm.

Our telephone opening hours at Principal Office are 9am – 6pm Monday to Friday and 9am to 12pm on Saturdays.

We encourage the use of face coverings and social distancing in our branches and Principal Office.

Thank you for your cooperation

 

Offset Share Savings

melton offset savings accounts

An offset share savings account means you may be able to offset your savings against your mortgage and only pay interest on the difference.

Product Name Minimum Balance Interest Paid Gross Interest % AER % Withdrawals Add to brochure download
Passbook Offset Share Savings n/a n/a n/a n/a Easy Access
Online Offset Share Savings n/a n/a n/a n/a Easy Access. Online withdrawal limit of £10,000 per day.
Tax treatment depends on individual circumstances and may be subject to change in the future

An offset share savings account means you may be able to offset your savings against your mortgage and only pay interest on the difference. You will not earn any interest on any balance in the 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.

The Society has two Offset Share Savings accounts – the Passbook Offset Share Savings and Online Offset Share Savings.

View our mortgages

Take a look at our Handy Guide to making the most of your savings.

Here to help
Not sure which account is right for you? Get in touch and our experienced staff will be happy to talk you through your options and help find the best offset savings account for you.

How safe are your savings?
You may be worried that if you tie your money up in a savings account, it won’t be protected. However, the Financial Services Compensation Scheme is an independent body that serves as a last resort to cover most deposits, including savings up to the value of £85,000. So, if for some reason your bank or building society failed, your money is protected by the FSCS.

The Society’s Bank Account details which are used for paying money in to your account electronically are as follows: 

Sort Code:  40-05-30

Account Number:  74574915

Beneficiary*:  Melton Mowbray Building Society

Reference/Account Number:  You must quote your full account number (i.e. ABC1234567DEF) to ensure that the funds reach your account.

*Not all Banks or Building Societies will require this.