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100 Day Notice Cash ISA (Issue 2)

melton tax free savings accounts

A Cash ISA (Individual Savings Account) is an investment that enables annual sums to be saved and on which interest is paid free of tax. However, it’s not possible to state that favourable tax treatment will last forever as it’s the government not the Society that is responsible for the tax treatment.

Account name 100 Day Notice Cash ISA
What is the interest rate?
3.75% tax-free / 3.75% AER
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Interest is calculated on a daily basis and added to the account annually on 31 March.
Can the Melton Building Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-Society’s long-term future.

We’ll 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 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1037.50.

(This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.)
How do I manage and open my account?

To open an account, please visit one of our branches.

This account is only for UK-resident individuals aged 16 or over (subject to an exception for certain Crown employees, their spouse or registered civil partner).

From 6 April 2023 the overall ISA subscription limit for 2023-24 will be £20,000. New subscriptions can be split in any proportion between Cash and Stocks and Shares ISAs as the saver chooses. However, a saver will only be able to pay into a maximum of one Cash ISA and one Stocks and Shares ISA each year.

Accounts can be opened with a minimum amount of £25 and the maximum that can be held in this account is £500,000. You may invest up to the maximum Cash ISA limit in a single tax year.

Withdrawals have no effect on the subscription limits. This means that once the limit has been reached for the tax year, you cannot make any further investments in that year regardless of any withdrawals made.

Transfers in of ISA funds are permitted – please visit one of our branches for details.

  • Investments must be in your sole name only.
  • You may subscribe to only one Cash ISA in any one tax year.
  • You must be resident and ordinarily resident in the UK.
  • You will be and must remain in beneficial ownership of the investment and it must not be used as security for a loan.
  • The Society will notify you, if because any failure to satisfy the provisions of the ISA Regulations, your Cash ISA has, or will, become void
  • If you were to die before 6 April 2023, any interest due up to the date of death will qualify for income tax exemption, but not afterwards as the account will cease to be an ISA.
  • If you were to die on or after 6 April 2023, the account will be designated as a“‘continuing account of a deceased investor’ or ‘continuing ISA" and interest accrued before and after date of death will be exempt from tax. The ISA will continue until a) the completion of the deceased's estate; b) the day after the 3rd anniversary of the investor's death, or c) the closure of the account.
  • If you open a Cash ISA, the application remains valid for subscriptions made in the next and consecutive years. However, where a break between subscriptions lasts for a whole tax year, we’ll need a fresh application before subscriptions can restart.

To open an account, please visit one of our branches. Manage your account by visiting a branch or by sending us your written instructions.
Can I withdraw money?

100 Days’ Notice – on receipt of your instruction, and within the time stated by you, all or part of the investments held in your ISA and proceeds arising from those investments, must be transferred or paid to you. This is subject to a penalty of the loss of 100 days’ interest or after 100 days’ notice is given when no interest penalty will be applied.

Transfers out – on receipt of a transfer instruction from a new ISA manager, we will send the cash and accompanying information to the new manager within 5 business days of receipt. Subject to a penalty of the loss of 100 days’ interest or following 100 days’ notice being given when we won’t apply any interest penalty.

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

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
  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.
Click here for our handy guide to making the most out of your savings

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