Melton Building Society has launched four new ISA products, including a range of fixed rates and a new easy access account.
Interest rates vary from four percent up to 4.95 percent, with the fixed rate deals priced particularly competitively.
The mutual has also repriced two of its notice 100-day ISA accounts, which are now offering Annual Equivalent Rates (AER) of up to 4.98 percent.
The new accounts and rates became effective today (December 8) and will apply to new and existing customers.
Here’s a rundown of the new ISA products and rates.
One Year Fixed Rate Cash ISA
Melton Building Society’s new Fixed Rate Cash ISA to January 15, 2025, is now offering an AER of 4.9 percent.
The account can be opened in a branch with a minimum deposit of £1,000 and interest is applied annually. Transfers in will be accepted in the branch only and no withdrawals are permitted during the fixed rate period. Transfers out will be subject to 90 days’ loss of interest.
Two Year Fixed Rate Cash ISA
Melton Building Society’s new Fixed Rate Cash ISA to January 21, 2026, is now offering an AER of 4.95 percent.
The account also can be opened in a branch with a minimum deposit of £1,000 and interest is applied annually. Transfers in will be accepted in the branch only and no withdrawals are permitted during the fixed rate period. Transfers out will be subject to 150 days’ loss of interest.
Five Year Fixed Rate Cash ISA
Melton Building Society’s new Fixed Rate Cash ISA to January 17, 2029, is now offering an AER of 4.5 percent.
Similar to the other accounts, this ISA also can be opened in a branch with a minimum deposit of £1,000 and interest is applied annually. Transfers in will be accepted in the branch only and no withdrawals are permitted during the fixed rate period. Transfers out will be subject to 180 days’ loss of interest.
Easy Access ISA 2
Melton Building Society’s new Easy Access ISA 2 is offering an AER of four percent. The account is exclusive to current-year subscriptions and will apply to new and existing customers.
The account can be launched by post or in a branch with a minimum deposit of £25 and interest is paid annually. As the product is exclusively for new subscriptions, ISA transfers in will not be accepted. However, transfers out are not subject to a penalty given the account is easy access.
100 Day Notice Cash ISAs
Melton Building Society has repriced the 100 Day Notice Cash ISA Issue One and Two, offering AERs of 4.8 percent and 4.98 percent, respectively.
The accounts can be opened in a branch with a minimum deposit of £25 and interest is paid annually. Transfers in will be accepted in the branch only, however, withdrawals will be subject to 100 days’ notice being applied or a penalty of the loss of 100 days interest when no notice is provided.
Cash ISAs are a popular tax-efficient savings tool, as these accounts allow savers to invest up to £20,000 per year without paying tax on the interest earned.
