Regular Saver 2
If you have some spare cash to set aside each month, our Regular Saver 2 is a great way to help your money grow.
This account is currently closed to new customers
| Account name | Regular Saver 2 | |
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| What is the interest rate? |
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Interest rate is fixed until 22/11/2023. Interest is calculated on a daily basis and added to the account annually on 31 May. |
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| Can the Melton Building Society change the interest rate? | The interest rate is fixed for the term of the investment. The investment matures on 22 November 2023. For full details please read our Terms and Conditions. |
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| What would the estimated balance be at the end of the term based on a £2,250 deposit? | Based on the current rate of interest, if you deposited £2,250 in this account, at the end of the term you would have £2,271.46. This projection is for illustrative purposes only and is based on the following assumptions:
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| How do I manage and open my account? | This account is only for UK resident individuals aged 16 or over living in Leicestershire, Nottinghamshire or Rutland. Accounts can be opened with a minimum amount of £10 and the maximum that can deposited in one calendar month is £150. The maximum amount that can be held in the account is £2,500 (assuming the maximum subscription is added each month, with interest added to the account). This account is for new and existing customers, transfers from existing accounts with the Society are permitted. You can miss as many monthly payments as you like, however missed payments cannot be made up in subsequent months. To open an account please visit one of our Branches. |
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| Can I withdraw money? | Early withdrawals are not permitted during the fixed rate period. Withdrawals are subject to the limits explained in our savings terms and conditions. |
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| Additional information | Maturity Process Stakeholder standards Cooling off period We will help you switch to another of our accounts or we will give all your money back with any interest it has earned. We will ignore any notice period and any extra charges. Complaints Compensation Scheme This is a summary of the key features of this account. You will still need to read the 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.
