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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Fixed Rate Cash ISA to 31 October 2024

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.

Whilst this product is available, you can pay in any amount up to the annual ISA subscription limit.  Once the product has been withdrawn, you will not be able to pay in any further funds to this account.

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

This account is currently closed to new customers

Account name Fixed Rate Cash ISA to 31 October 2024
What is the interest rate?
3.80% tax-free / 3.80% 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, fixed until 31 October 2024.

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 31 October 2024 you would have £1060.59.

(This figure is only an estimate, based on an opening date of 6 April 2023 and 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 £1000 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
  • Whilst this product is available, you can pay in any amount up to the annual ISA subscription limit. Once the product has been withdrawn, you will not be able to pay in any further funds to this account.  This means that you may not be able to utilise your full ISA allowance, unless you deposit £20,000 at account opening.
  • 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 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 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.
  • 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.

This account is limited - once the account has been withdrawn from sale, no further deposits will be accepted.

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

Early withdrawals are not permitted during the fixed rate period.

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 120 days’ interest.

Withdrawals are subject to the limits explained in our savings terms and conditions.
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 MMBS 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 may cancel it within 30 days of maturity. We will help you switch to another account or we will give all your money back with any interest it has earned. We will ignore any notice period and any extra charges.
Tax treatment depends on individual circumstances and may be subject to change in the future

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