The information provided in this Summary Box is a summary of the key features of the Ecology Cash ISA. It isn’t intended to be a substitute for reading the Product Specific Conditions.
Account name: Ecology Cash ISA
What is the interest rate?
The Ecology Cash ISA will offer a variable rate of interest of 3.60% tax free* p.a/AER**.
Interest is calculated daily and credited to your account on 5 April each year. If you close the account before 5 April we’ll credit the interest to your account on the day you close it.
* All lSA interest is paid tax-free, which means it’s exempt from income tax and 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 and we will 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 3.60% tax free, the balance on a £1,000 deposit after 12 months would be £1,036.00.
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 can be made online or by posting a completed application form.
The ISA investment will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.
You can manage your account online by using our Digital service (restrictions apply) or by post.
You can view your account transactions, send secure messages and request
withdrawals online.
Deposits to this account can be made by bank transfer, Standing Order, or cash ISA Transfers In from another provider or Ecology ISA.
Payments can take up to two working days to show on your account.
The ISA investment limit for the 2024/2025 tax year is £20,000 and the minimum amount to open and maintain an Ecology Cash ISA is £25.
Can I withdraw money?
Yes, you can withdraw money. Withdrawals must be for a specific amount unless the account is to be closed. Accounts can be closed upon request and with no penalty. The minimum amount to open and maintain an Ecology Cash ISA is £25.
If you make a withdrawal, the value may only be replaced by further payments where the annual investment limit for the relevant tax year has not been reached.
Withdrawals should be requested online via our Digital service (restrictions apply), by telephone, or if you operate your account by post by using a Withdrawal form.
Additional information
This Summary Box should be read in conjunction with the following documents before applying for an Ecology Cash ISA:
• Ecology Cash ISA Product Conditions
• General Savings Terms and Conditions
• FSCS Information Sheet
• Current Savings Rates and Charges
• Savings Account Identification Requirements
