Accessibility Help
 

Savings Account Terms and Conditions update

We’ve made changes to our savings terms and conditions with effect from 03 April 2024.

Here are our new terms and conditions. You should download and print or save a copy for your records.

Personal Savings Account Terms and Conditions

Here’s a summary of what’s changed

What’s changed? What do the changes mean?
Contact details Our contact details are now in one place, at the top of the terms. They can also be found on our website at any time.
Personal details We’ve added information on the need for you to update us on your details, and what happens if we don’t have up-to-date information for you.
Statements and account information We will no longer automatically supply you with annual statements. This is because for passbook and postal accounts, your passbook is your transaction record and for online accounts, you can find the information by logging on. For passbook accounts, we recommend that you present your passbook to be updated regularly. However, paper statements are available on request.
Joint accounts We’ve added some terms on how joint accounts work, to make this clearer.
Making deposits We’ve clarified the ways in which you can make deposits. We’ve also set a maximum of £10,000 for cash deposits at any one time and explained when we can refuse payments into your account. We’ve clarified that deposits must be in sterling and deposits can’t be made from an account abroad.
Making withdrawals

 

We’ve clarified the ways in which you can make withdrawals and how these work. In particular, you must set up a nominated account to specify an account in your name to which money can be sent to if you want to make withdrawals by transfer using Faster Payments.

We’ve also explained when we can refuse instructions or ask for more information.

Use of your account We’ve clarified that you can only use your account for personal savings.
Fixed term accounts We’ve explained when we might allow you to withdraw from a fixed term account early.
Account documents We’ve clarified what will happen if you lose an account document (like a passbook). You must report a loss or theft to us straight away.
Charges We’ve removed some charges. The only ones left are for CHAPS transfers and unpaid cheques.
Online accounts

 

We’ve clarified that you need a nominated account if you have an online account.
Charitable assignment We’ve removed the language concerning charitable assignment, as this is addressed elsewhere.
General liability We’ve added examples of things we can’t control and won’t be liable for. We’ve also added that we won’t be liable to you if we must take action or not take action (for example, delay a transaction you have asked us to process) in order to comply with our legal obligations.
Liability for payment transactions We’ve introduced a new sub-section to deal with our liability and yours when it comes to payment transactions. Older provisions dealing with this have been deleted.

In summary:

·        You’re responsible for ensuring you give us the correct details for payments.

·        We’ll refund you for unauthorised payments made from your account, provided you notify us as soon as possible and no later than 13 months from the date of the payment, unless you were very careless about keeping your security details safe or you allowed someone else to use your account.

·        We’ll refund you if you gave us the right details, but we executed a payment incorrectly.

·        If you commit fraud, you’re responsible for the consequences.

Reasons why we might close your account Generally, we will give you at least two months’ notice to close your account, but we have clarified the reasons in which we will be able to close your account immediately.
Future changes to these terms If we make a change to our terms in future which relates to electronic payments, even if it’s to your advantage, we’ll give you two months’ notice.

We’ve clarified that we can make certain changes to your terms immediately in special circumstances – for example, to respond to changes in base rates, law or general practice or to make the terms more favourable to you.

Otherwise, we will generally give you 30 days’ notice before changes come into effect.

Suspending withdrawals We’ve made it clear that we can suspend your right to make withdrawals if we’re concerned about the security of your account or suspect unauthorised or fraudulent use.

Frequently asked questions

Do I need to confirm I am happy with the changes?

No, the new terms and conditions become effective from 03 April 2024, unless we hear from you before then, we’ll take it that you’re happy to accept the changes.

I have a Fixed Rate Bond, can I close my account because of these changes?

No, Fixed Rate Bonds will remain unaffected by the changes until the fixed term ends, so you won’t be able to close your account before then.

I have a Fixed Rate ISA, can I close my account because of these changes?

No, Fixed Rate ISAs will remain unaffected by the changes until the fixed term ends, so you won’t be able to close your account before then due to these changes. In line with your existing terms and conditions, if you close your account early you will incur an interest penalty so you may get back less than you paid in.

I have a Notice Account, can I close my account because of these changes?

No, you won’t be able to close your account without giving the standard notice period applicable to your account.

I have an Easy Access Savings Account, can I close my account because of these changes?

If the changes aren’t suitable for you, you have the option to close the account before they take effect.

If you’re thinking about closing an ISA, please contact us so we can help make sure your money keeps its tax-free status. If you’re a personal representative on an account, you’ll still need to provide any documentation we’ve asked you for before the account can be closed.

How do I request a savings statement given that I’ll no longer automatically receive one?

If you have an online account or you are registered for MyMelton Online, you can download a statement by logging into account and selecting ‘account options’. If you have a passbook account, please contact your nearest branch who can produce a statement for you.

Will I get a notification for each of my savings accounts?

You will only have received one notice of these changes, even if you have multiple savings accounts with us or act as a personal representative, trustee or power of attorney for different accounts.

Please note that we have also made changes to our business savings terms and conditions with effect from 03 April 2024 – you can find out more about what’s changed here.

Get In Touch

Call one of our friendly advisors on 01664 414141. Opening hours are 9:00am – 5:30pm Monday to Friday.


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