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Fixed Rate Cash ISA to 21 May 2026

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 visit one of our branches or forward us your written instructions.

You can transfer your ISA funds from another provider and  deposit new subscriptions until 30th November 2024. After this date, no further additions will be allowed. 

This means that you may not be able to utilise your full ISA allowance, unless you deposit £20,000 at account opening.

Account name Fixed Rate Cash ISA to 21 May 2026
What is the interest rate?
4.05% tax-free / 4.05% 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 fixed for the term of the investment, until 21 May 2026.

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, at the end of the term 21 May 2026 you would have £1,066.24.

This figure is only an estimate, based on:

• an opening date of 11 October 2024

• 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.

Accounts can be opened with a minimum amount of £1,000 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.

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.

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.

You can transfer your ISA funds from another provider and  deposit new subscriptions until 30th November 2024.

Should the product be withdrawn before the 30th November 2024 you must already have an account open in order to request an ISA transfer from another provider, you will not be able to open an account after the product has been withdrawn.

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, any interest due up to the date of death will qualify for income tax exemption, but not thereafter as the account will cease to be an ISA
  • In the event of death on or after 6th April 2025, 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

    a) the completion of the deceased's estate

    b) the day after the 3rd anniversary of the investor's death

    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.
  • 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?

No, early withdrawals are not permitted during the fixed rate term, however you can close your account.

Should you close your account in the fixed rate term, you will be subject to an interest penalty charge of 120 days’ interest. If you close your account in the first 120 days, you might get less back than you deposited. As withdrawals are not permitted during the fixed rate term should you need to access your money during the fixed rate term closure only is permitted, no partial withdrawals.

Transfers out - if we receive an ISA transfer request for your ISA from a new provider, we will send the cash and accompanying information within 5 business days of receipt. ISA Transfers during the fixed rate term are subject to a penalty charge of 120 days’ interest.

Additional information

Fixed rate 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 Melton Building Society account or withdraw the balance. If we do not receive your instructions before the date of maturity, your money will default into Easy Access ISA account. If your funds are automatically reinvested into our Easy Access ISA account, you can access your money without providing notice. We will help you switch to another account, or we will give all your money back with any interest it has earned.

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.

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