December Mortgage Payments and Savings Interest Payments

28.11.25

Mortgage payments

If your mortgage payment is normally collected on the last working day of the month, please note that it will instead be collected on Monday 1st December. Payments scheduled for Monday 1st December will be collected as usual.

Savings Interest Payments 

We are currently working to process monthly interest payments, where due, for the start of December. These payments will be with account holders by Monday 1st December.

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Easy Access ISA

melton tax free savings accounts

A Cash ISA (Individual Savings Account) is an investment that enables you to save annual sums and on which interest is paid free of tax. However, we don’t know if favourable tax treatment will be maintained as  the government not the Society is responsible for the tax treatment.

This account is currently closed to new customers

Account name Easy Access ISA
What is the interest rate?
1.15% tax-free / 1.15% AER
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New rate effective 5 February: 1.50% tax-free / 1.50% AER

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-term future of the Society.

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 £1,015.00.

This figure is only an estimate, based on:

  • an account opening date of 1 March 2025 when a rate of 1.50% tax free / 1.50% AER will be effective
  • 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 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 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. 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 of £1 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 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 of any failure to satisfy the ISA Regulations, your Cash ISA has, or will, become void
  • If you die on or after 6 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

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 will need a fresh application before subscriptions can restart.
  • In the event that Melton decide to delegate any of our functions or responsibilities as an ISA manager, we will satisfy ourselves that the selected provider is able to carry out these functions in line with these terms.
Can I withdraw money?

Easy access – on receipt of your instruction, and within the time stated by you, all or part of the investments held in the ISA and proceeds arising from those investments, must be transferred or paid to you.

On receiving a transfer instruction from a new manager, we’ll send the cash and accompanying information to the new ISA manager within 5 business days of the date of receipt.

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

The AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and added each year.

This is a tax-free account so interest payable is exempt from income tax. The tax treatment may be subject to change and depends upon your individual circumstances.

 

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.

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