Regular Saver 5
If you have some spare cash to set aside each month, our Regular Saver 5 is a great way to help your money grow.
This account is currently closed to new customers
| Account name | Regular Saver 5 | ||||
|---|---|---|---|---|---|
| What is the interest rate? |
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The interest rate on this account is tiered. Interest, is payable annually on 31 May and can be added to the account, transferred to your bank account or transferred to an existing Melton Building Society savings account. As shown in the table above, for balances up to £5,999.99 you will earn interest at a rate of 5.00%, on any further savings beyond £6,000 you will earn an interest rate of 2.50%. For example, an account with a balance of £7,000, the first £5,999.99 of the balance will earn interest at a rate of 5.00% and the remaining £1000.01 will earn interest at a rate of 2.50%. |
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| Can the Melton Building Society change the interest rate? | Yes, the interest rate on this account is variable. That means we reserve the right to change it to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society. We will give you fourteen days’ notice before any change that would disadvantage you. For full details please read our Terms and Conditions. |
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| What would the estimated balance be after 12 months, based on 12 monthly deposits of £500? | Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 12 months you would have £6,163.11.
This figure is only an estimate, based on:
This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances. |
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| What would the estimated balance be after 24 months, based on 24 monthly deposits of £500? | Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19.
This figure is only an estimate, based on:
This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances. |
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| How do I manage and open my account? | To open an account, please visit one of our branches or see the how to apply below. You can manage your account by visiting a branch of the Society or by sending your written instructions to us. Limited to one account per person. The account may be opened and operated by a maximum of four account holders. The maximum amount that can deposited in one calendar month is £500. The maximum amount that can be held in the account is £500,000. You do not need to make a payment into your account each month, however any missed monthly payments cannot be made up in subsequent months. Withdrawals have no effect on the deposit limits. For example, if you deposit £500 in the account and subsequently make a withdrawal, you will not be able to make an additional payment to replace the withdrawn funds. |
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| Can I withdraw money? | Yes, you can make withdrawals from your account without notice or penalty, by visiting a branch of the Society or by sending us your passbook and written instructions to us. You can also transfer funds from your account to a nominated bank or building society account.
Withdrawals are subject to the limits outlined in our savings terms 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.
