Customer notice Savings rate changes

Customer notice

Savings rate changes

Savings rate changes

Following an extended period of historically low interest rates and with the Bank of England base rate at a record low, we are reducing the interest rate on some of our accounts.
We're pleased to continue providing rates which are competitive within the current market. We encourage you to browse independent comparison sites, such as Savers Friend or Savings Champion to compare rates before you consider your options.

Notes that apply to these rates:
* Interest is paid without tax deducted. Some savers will be required to pay tax on savings interest; this should be arranged directly with HMRC through your tax return.
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.

Gross*/AER**%
Save & Support£1+0.50
Business Easy Access£100+0.20
Club Easy Access£100+0.50
Charity Easy Access£100+0.50
Save & Support
  • Variable interest paid annually on 31 October
  • Rate effective 1 May 2019
Business Easy Access
  • Variable interest paid annually on 30 June
  • Rate effective 26 May 2017
Club Easy Access
  • Variable interest paid annually on 30 June
  • Rate effective 26 May 2017
Charity Easy Access
  • Variable interest paid annually on 30 June
  • Rate effective 26 May 2017
Gross*/AER**%
Save & Support£1+0.25
Business Easy Access£100+0.10
Club Easy Access£100+0.20
Charity Easy Access£100+0.20
Save & Support
  • Variable interest paid annually on 31 October
  • Rate effective 7 September 2020
Business Easy Access
  • Variable interest paid annually on 30 June
  • Rate effective 7 September 2020
Club Easy Access
  • Variable interest paid annually on 30 June
  • Rate effective 7 September 2020
Charity Easy Access
  • Variable interest paid annually on 30 June
  • Rate effective 7 September 2020

Why are you reducing my rate?

We’ve taken the decision to review all rates, so they are in line with the current Bank of England base rate and all our customers receive a fair market rate for the type of account they hold..

Are you going to change interest rates on other products?

We’ve tried to keep the interest rates unchanged for as long as possible. Market conditions are now dictating that a review of all rates is necessary. We will only make changes that provide the best long term outcome for our members and the Society.

Will these changes affect the Society’s mortgage rates?

There is currently no change to our mortgage rates. If this position changes in the future we’ll contact any customers who may be affected.

Is my money still safe with MHBS?

We are financially very strong, with assets over £500m and capital of £43m – this makes us a very secure institution to keep your money at this challenging time. We are also covered by the Financial Services Compensation Scheme (FSCS) up to £85,000, or £170,000 for joint accounts, if a bank or building society is unable to meet its financial obligations.

Can I withdraw funds/close my account before the change takes effect?

Yes, you can withdraw funds/close your account immediately.

How do I close my account using the Online Service?

Please log in and send us a secure message so your final interest can be calculated. We’ll then send the closure funds to your nominated bank account.

Have the terms and conditions of my account changed?

No, your terms and conditions are unaffected by this rate change.

Will my interest still be added to my account?

Your interest will still be paid according to the instructions given when your account was originally set up.

Please can you stop sending me mailings of this nature?

We’re unable to stop sending you messages relating to the servicing of your account. We are obliged to send this by the regulations that govern the savings industry. These are detailed within your Terms and Conditions.

General enquiries

If your question isn’t answered in the ‘Frequently asked questions’ section above, please email us at customersfirst@mhbs.co.uk or you can call:

01858 412511 from 10.00am – 2.00pm Monday to Friday. Alternatively please try one of our other support numbers shown on our dedicated COVID-19 webpage.

Online Service

For Online Service queries please log on and send us a secure message or you can call 01858 412516 from 9.00am – 4.30pm Monday to Friday. Alternatively please try one of our other support numbers shown on our dedicated COVID-19 webpage.

We’ve temporarily changed our branch opening hours as well as which services we can offer. Please see our dedicated COVID-19 webpage for full details.

What is the alternative to visiting my branch?

Now is a good time to check that we have your most up to date contact details. You can do this by logging in to our Online Service or by emailing customersfirst@mhbs.co.uk.

If you haven’t already done so, you can also register for our Online Service to access your account(s) without having to visit a branch.