The Top Regular Savers Discussion Thread

Born2Save_3

Melton R6G

Made £200 deposits every month since last interest added on 31/3/26; received £22.18 interest earlier today. Estimate interest should be £80+ (Note, may be very wrong)

GGG Instant Access account pays 1%?A/G?

If around 1% interest has been paid, it could be Melton have applied the rate of the account transferred to, not transferred from. In other words the interest was calculated and added after the transfer, not before.
This isn't right either, at 1%, I estimate 6 months interest at around £14. Or it could be that the GGG IA account had a slightly higher rate over the past 6 months.

Hattie627

Update on previous posts

Just checked again with Melton online.

They have opened a new (different account number from the RS) instant access account (called "savings account") and moved maturity proceeds of £5037.41 there as a "cash deposit" dated today. Interest rate shown is 1%.

This despite returning maturity form asking for maturity proceeds to be paid out at maturity to my nominated account.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82153297#Comment_82153297

Might be for the best if they owe us all interest.

I received an email notifying me my new savings account is now open.

10_66

https://forums.moneysavingexpert.com/discussion/comment/82153271#Comment_82153271

My final interest is also too low at £24.74. Should definitely be more than that.

happybagger

Let's all chill and wait a while, they aren't even open yet. Who knows how their "new systems" handles this. Maturity is today, which in the past with passbook bonds at Melton meant withdrawal from the following day. Patience folks 👍

milton1970

Melton BS

From personal experience Melton is in a bit of a mess following the implementation of their new systems … real staffing problems due to stressful environment

I dodged the RS interest issue but had a mortgage with them that was close to maturity.

After requesting settlement amount 3 times they finally provided a version that was incorrect .. it then took 3 attempts and a formal complaint to get the issue resolved.

They appear to be doing lots of interest calculations out of system …

Check your interest and balance calculations very carefully

bubieyehyeh

The interest is clearly wrong.

Creating a unnecessary instant access account maybe part of their process, before they close and sent to money to a nominated account.

Hopefully I won't need to chase them when back from holiday, when they realise when the phone lines light up this morning.

This is the third building society this year who have miscalculated my interest.

Reg_Smeeton

https://forums.moneysavingexpert.com/discussion/comment/82153136#Comment_82153136

Re: Vernon BS RS

An additional easy access account is required - the RS is emptied to it on the 31st March annually. They open this for you automatically when you apply for the RS.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82153309#Comment_82153309

I can understand the concern. If I can’t get the money tomorrow (being the 1st) it’s costing me money. At least the interest is under though, so they shouldn’t freeze the account and require you to call up for access to the capital as Darlington did.

£3.22 interest, 6 months on £2,500+, nope. I could have done with drawing out part of the interest today, given the RS capacity I don’t have for October, but don’t even want to touch the £3.22 in case it messes something up.

Also this create new account rather than converting is even worse if there continues to be no hiding of closed accounts. Currently Adcock and my closed RS6 are the two accounts on my front page, rather than Adcock and RS5, which are still running. And open a new account means two closed accounts cluttering up the place rather than one.

Section62

Melton

I've tried a faster payment withdrawal from my new easy access account - I just get a popup saying "Error. Payment has failed. Please try again…"

I've also just noticed that the 'transactions' tab for the account (in online banking) lists the transactions only for the last year (maximum) but doesn't show the date of transaction. To see that you have to click on the transaction, but then when you click on another transaction to get the date up for that, the first one is hidden again. Which means it isn't possible to get a screenshot of recent transactions showing dates for each one. Who designs online banking without thinking it sensible to display date of a transaction by default when listing transactions?

The 'statements' tab just says statements aren't currently available to view online…. call customer services.

I guess Melton's phone lines are going to be busy today.