Melton Building Society

Who they are

Melton Building Society is a mutual building society that has been serving the people of Melton Mowbray and the surrounding area since 1875. That makes it one of the older independent building societies still operating in the UK. The Society is a member of the Building Societies Association and is owned by its more than 40,000 members.

Being mutual matters for savers. Because there are no shareholders to pay dividends to, the Society can share the results of its success with members through higher interest rates for savers and lower rates for borrowers. In practice, that means your money is working for fellow members rather than outside investors.

Melton's roots and heritage are firmly in the Melton Mowbray area, and its five local branches - Melton, Grantham, Oakham, Stamford and Bourne - provide the kind of customer service you would expect of a community-based building society. Accounts can also be opened by post or online, though some reviewers have noted the digital experience is less polished than larger banks.

Savings accounts

Melton's current savings range on DepositScout features a 1 Year Fixed Rate account paying 4.50% AER. The minimum deposit is £5,000, so it is aimed at savers with a meaningful lump sum rather than those just starting out.

On FSCS protection, it is worth noting that the Financial Services Compensation Scheme covers deposits up to £120,000 with Melton Building Society - higher than the standard £85,000 limit that applies to most banks. This elevated limit applies because Melton holds its own banking licence rather than sharing one with another brand, and the Society operates certain eligible temporary high balances protection under FSCS rules. Check the FSCS website for the precise terms that apply to your situation.

There are no current accounts, switch offers or easy access accounts listed on DepositScout at the moment, so if flexibility is your priority, you may need to look elsewhere for that portion of your savings.

What the experience is really like

In branch, the picture is consistently positive. Melton Building Society stands out for its friendly, helpful staff and the comfort of local branches offering face-to-face service, with many customers appreciating the clear explanations and personal touch.

Online and over the phone, it is a more mixed story. Some customers find the phone and online services frustrating, with delays and limited digital options causing annoyance. A number of recent reviews mention difficulties with the online platform following a system upgrade. If you are someone who likes to manage savings entirely through an app, that is worth weighing up before committing.

Is it right for you?

Melton suits savers who are comfortable committing a lump sum for a fixed term and do not need to access their money during that period. The £5,000 minimum means it is not a starter account, but for someone parking a meaningful sum for twelve months, the rate is competitive and the mutual structure means your interests are genuinely aligned with the institution holding your money.

If you are local to the East Midlands and value being able to walk into a branch and talk to someone, Melton is a particularly good fit. If you want a slick app, instant digital access, or a current account switch bonus, this probably is not the right choice.

As always, rates move. The figures shown live on this DepositScout page are the ones to trust - check them before you decide.