Accessibility Help
 

180 Day Notice Cash ISA

melton tax free savings accounts

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

To open an account, please see how to apply below.

 

Account name 180 Day Notice Cash ISA
What is the interest rate?
4.50% tax-free / 4.50% AER
Scroll for more >

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 the rate to reflect market conditions, to comply with legal or regulatory guidelines and to protect the Society’s long-term future.

We’ll give you 14 days’ notice before making any change that would disadvantage you.

For full details please read our savings terms and conditions

What would the estimated balance be at the end of the term 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 £1,045.00.

 

This figure is only an estimate, based on:

- there being no additional deposits

- no withdrawals being made

- no rate changes in that time with all interest being added to your account.

 

This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.

How do I manage and open my account?

To open an account, please see how to apply below.

 

This account is only for UK resident individuals aged 16 or with the exception for certain Crown employees, their spouse or registered civil partner for example a member of the UK armed forces, a civil servant or a diplomat.

 

From 6 April 2024 the overall ISA subscription limit for 2024-25 will be £20,000. New subscriptions can be split in any proportion between cash and stocks and shares ISAs as the saver chooses. A saver will only be able to pay into one cash ISA and one stocks and shares ISA each tax 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 are permitted - please see how to transfer your existing ISA below to find out how. 

 

Please note that we do not allow transfers of stocks & shares ISAs.

 

ISA rules:

  • Investments must be in your sole name only
  • You must be resident and ordinarily reside 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 by reason of any failure to satisfy the provisions of the ISA Regulations, your cash ISA has, or will, become void
  • In the event of death on or after 6th April 2024, 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 either:
  1. a) the completion of the deceased's estate
  2. b) the day after the 3rd anniversary of the investor's death
  3. c) the closure of the account.

In the event of you opening 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 will need a fresh application before subscriptions can recommence.

Can I withdraw money?

Yes, you can withdraw money as long as you give us 180 days’ notice in branch, by post or phone. On receipt of your instruction, all or part of the investments held in your ISA including any interest earned, will be transferred or paid to you.

 

You can also access your money without giving notice, but you will be charged 180 days’ interest on the amount you withdraw. If you close your account in the first 180 days, you might get less back than you deposited.

 

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. This will be subject to a penalty charge of 180 days’ interest, unless 180 days’ notice is provided, in which case we won’t apply a penalty charge.

 

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 general Savings Terms and Conditions.

Tax treatment depends on individual circumstances and may be subject to change in the future
How to apply (for ISA transfers see below)

Simply download, print and complete the application form using the link below. Please return your completed form, necessary identification and opening cheque to your local branch or post it to Melton Building Society, Mutual House, Leicester Road, Melton Mowbray, Leicestershire, LE13 0DB. Cheques should be made payable to the account holder’s name.

 

How to transfer your existing ISA

Simply download and complete the application form using the link below. You must also complete the ISA transfer form here . Please return your fully completed forms to Melton Building Society, Mutual House, Leicester Road, Melton Mowbray, Leicestershire, LE13 0DB. We will then contact your existing provider to organise the transfer of your funds within 15 working days of receiving your fully completed forms and a successful electronic identification check. If the check is unsuccessful, we’ll ask you to provide more ID and address verification.

You should read our savings terms and conditions and ensure you fully understand the product features and conditions.

 

Your Personal Information

At the Melton we take your privacy seriously and always treat your personal details with utmost care. We promise to keep your information safe and secure and never share it with other companies for marketing purposes.

You can read more about how we collect and process your personal data in our privacy notice, which you can access here.

  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.