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Mike Wright

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Review of the Melton Building Society, Savings:

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Lost Interest

It takes about 5 - 6 days for the Melton to transfer money from its savings accounts to the owner's current account (with another bank). During this period interest is not being paid by either institution yet someone has the money (not the saver!). This loss should be factored in when choosing where to save as most institutions now transfer within 2 - 24 hours, not days. My last closing account transfer will cost me around £50 in lost interest thus reducing the real return on the Melton's advertised rates. Reviewed on: 19th December 2022

Reply from Melton Building Society Thank you for your feedback Mike. We are sorry to hear this, please contact [email protected] if you wish to discuss this further. Response date: 20th December 2022

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