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Regular Saver 3

easy access savings

If you have some spare cash to set aside each month, our Regular Saver 3 is a great way to help your money grow.

To open an account, please visit one of our branches.  Please note this account is only for UK resident individuals aged 16 or over living in Leicestershire, Rutland, Lincolnshire or Nottinghamshire.

This account is currently closed to new customers

Account name Regular Saver 3
What is the interest rate?
5.00% gross / 5.00% AER
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The interest rate is variable. The term of this fixed term product is to 31/05/2024.

Interest is calculated on a daily basis and added to the account annually on 31 May.

Can the Melton Building Society change the interest rate?

The interest rate is variable, which 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.

What would the estimated balance be after the 13 month term, based on 13 monthly deposits of £200 totalling £2600?

Based on the current rate of interest, if you deposited £2600 in this account, at the end of the term you would have £2677.39.

This projection is for illustrative purposes only and is based on the following assumptions:
• An account opening date of 01/05/2023 with a £200 deposit, followed by 12 monthly deposits of the same
amount on the first of each month.
• No change to the interest rate during the fixed term period
• Interest being paid straight into your account
• No withdrawals

How do I manage and open my account?

This account is only for UK resident individuals aged 16 or over living in Leicestershire, Rutland, Lincolnshire or Nottinghamshire.

Accounts can be opened with a minimum amount of £10 and the maximum that can deposited in one calendar month is £200. The maximum amount that can be held in the account is £3,000 (assuming the maximum subscription is added each month, with interest added to the account).

You can miss as many monthly payments as you like, however missed payments cannot be made up in subsequent months.

Withdrawals have no effect on the deposit limits. This means that if you deposit £200 in the account and subsequently make a withdrawal, you will not be able to replace the withdrawn funds.

Limited to one account per person. To open an account, please visit one of our branches. Manage your account by visiting a branch of the Society or by forwarding your written instructions to us.

Can I withdraw money?

Easy access - you can make withdrawals from your account without notice or penalty, by visiting a branch of the Society or by forwarding your passbook with written instructions to us. You can also transfer funds from your account to a nominated bank/building society account.

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

Additional information

Maturity Process

The Society will write to you 14 days before the date of maturity to set out your options. You will be invited to reinvest your maturing funds into an alternative product, transfer to an existing MMBS account or withdraw the balance. If we do not receive your instructions before the date of maturity, your money will default into a 30 Day Notice account. If your funds are automatically reinvested into our 30 Day Notice account, you may cancel it within 30 days of maturity. We will help you switch to another account or we will give all your money back with any interest it has earned. We will ignore any notice period and any extra charges.

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

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

This account is currently closed to new customers

  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.