Regular Saver ISA

Interest is calculated on a daily basis and added to the account annually on 31 March.

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. 

Based on the current rate of interest, if you deposited £20,000 in this account, at the end of the term 6 April 2025 you would have £20,570.57.

This figure is only an estimate, based on:
• An account opening date of 6 April 2024 with a £2,400 deposit, followed by 11 monthly deposits of £1,600 on the first of each month
• no withdrawals being made
• no rate changes in that time with all interest being added to your account
• interest being paid straight into your account

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

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

The account can be opened in April 2024 with a maximum deposit of £2,400. The maximum monthly deposit amount from May 2024 to March 2025 is £1,600 per month. From the 1st March 2025 to the end of the term (5th April 2025), any remaining ISA allowance amount can be deposited to allow you to utilise your ISA subscription limit.

You can miss as many monthly payments as you like, however the monthly deposit limit will continue to be £1,600 in subsequent months and cannot be made up until 1st March 2025.

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 and is limited to one account holder.

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 a maximum of one Cash ISA and one Stocks and Shares ISA each tax year.

Accounts can be opened with a minimum amount 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 not permitted into this account.

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, 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.

No, withdrawals are not permitted during the product term to 6 April 2025, however you can close your account.

Should you wish to close your account before 6 April 2025 you will be subject to an interest penalty charge of 90 days’ interest. If you close your account in the first 90 days, you might get less back than you deposited. As withdrawals are not permitted during the product term should you need to access your money during the product 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 90 days’ interest.

Withdrawals are subject to the limits outlined in our savings terms and conditions.

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.