The information provided in this Summary Box is a summary of the key features of the Easy Access account. It is not intended to be a substitute for reading the Product Specific Conditions.
Account name: Easy Access
What is the interest rate?
The Easy Access account offers a current variable rate of interest of 3.20% gross* p.a./AER**.
Interest is calculated daily and paid annually on 31 December each year. If you close your account before 31 December, we’ll credit the interest on the day you close it.
Interest can be added to the account or paid annually into another Ecology account or linked account in your name.
* We pay all savings interest gross, which means that no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future.
** AER stands for Annual Equivalent Rate and provides a means of comparing interest rates by showing what the rate would be if interest was paid and added once a year.
Can Ecology Building Society change the interest rate?
We may change interest rates at any time.
Where we make any such change, we will act reasonably. We’ll only make the change if we believe it is fair in the circumstances.
For further information regarding interest rate changes including the process for notifying you, please refer to section 10 in our General Savings Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
Based on an interest rate of 3.20% gross, the balance on a £1,000 deposit after 12 months would be £1,032.00.
This illustration is an example to help you compare accounts. It does not take into account your individual circumstances.
How do I open and manage my account?
Applications for this account can be made online, or if you operate your account by post, by posting a completed application form.
You can manage your account online (restrictions apply) or by post.
With our Digital service, you can view your account transactions, make payments, send secure messages and request withdrawals. Payments can take up to two working days to show on your account.
Deposits can be made by bank transfer, Standing Order, or transfer from another Ecology account.
The minimum amount to open and keep an Easy Access account is £25. The maximum investment is £500,000.
People aged 18+ can open an account online. People aged 16-18 can open an account by post and accounts can be opened for children by post. Joint accounts are allowed.
Can I withdraw money?
Yes, you can withdraw money. The minimum withdrawal amount is £10 and withdrawals must be for a specific amount unless the account is to be closed. There is no notice period for withdrawals with the Easy Access account.
Withdrawals can be requested online (restrictions apply), by telephone, or if you operate your account by post, by using a Withdrawal form.
If a withdrawal would take the account balance below the required amount to keep the account open (£25), the account will have to be closed.
Accounts can be closed at any time upon request.
Additional information
This Summary Box should be read in conjunction with the following documents before applying for an Easy Access account:
• Easy Access Product Conditions
• General Savings Terms and Conditions
• FSCS Information Sheet
• Current Savings Rates and Charges
• Savings Account Identification Requirements
