Archives: FAQ - Savings

The information provided in this Summary Box is a summary of the key features of the Regular Savings account. It isn’t intended to be a substitute for reading the terms and conditions that apply to the account.

Account name: Regular Savings

What is the interest rate?

The Regular Savings account offers a variable rate of interest of 4.25% gross* p.a./AER**.

Interest is calculated daily and credited to your account on 31 December each year. If you close the account before 31 December we’ll credit the interest to your account

* 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 if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those that are expected to apply in the near future):
• to respond to changes in the Bank of England Base Rate
• to respond to changes in mortgage or interest rates generally (including the interest rates paid on similar accounts by other providers of financial services)
• to enable us to manage the difference between the interest rates charged to our borrowers and interest rates paid to our investors, or the providers of funds to us, taking into account the interests of the Society, our members, and your rights and interests as an account holder
• to respond to changes in the law or the decision of a court or ombudsman
• to meet relevant regulatory requirements
• to respond to new (or changes to) statements or codes of practice or industry guidance designed to enhance consumer protection
• to reflect changes to our costs in providing the account, including
administration costs and costs of providing services or facilities
• to introduce or alter ‘tiers’ of interest where different rates apply depending on the amount in the account.

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.

Any change we make to interest rates will be proportionate to the circumstances giving rise to the change.

For further information regarding interest rate changes including the process for notifying you, please refer to section 7 in our leaflet Saving with Ecology – General terms and conditions.

What would the estimated balance be after 12 months based on a monthly deposit of £250?

Based on an interest rate of 4.25% gross, the estimated balance on a monthly deposit of £250 after 12 months would be £3,069.07.

This projection is provided for illustrative purposes only and 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 by posting a completed application form.

You can manage your account using our online service (restrictions apply) or by post.

With our online service, you can view your account transactions, 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, transfer from another Ecology account or cheque.

You can save between £10 and £250 a month with the maximum investment being £3,000 per calendar year.

If your monthly payment is less than £250, you can top it up to the value of £250 by bank transfer or cheque.

If you pay more than £250 into this account in a month, the money over £250 will be automatically returned to you.

The minimum amount required to keep a Regular Savings account open is £10.

Can I withdraw money?

Yes, you can withdraw money twice a year. 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 Regular Savings account. Accounts can be closed at any time upon request, with no penalty and in addition to the two withdrawals.

Withdrawals can be requested via our online service (restrictions apply) or by using one of our Withdrawal forms.

Additional information
This Summary Box should be read in conjunction with the following brochures and leaflets before applying for a Regular Savings account:
• Regular Savings information sheet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Savings account identification requirements

The information provided in this Summary Box is a summary of the key features of the Easy Access account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Account name: Easy Access

What is the interest rate?

The Easy Access account offers a current variable rate of interest of 3.60% gross* p.a./AER**.

Interest is calculated daily and credited to your account on 31 December each year. If you close your account before 31 December we’ll credit the interest to your account on the day you close it.

* 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 if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those that are expected to apply in the near future):
• to respond to changes in the Bank of England Base Rate
• to respond to changes in mortgage or interest rates generally (including the interest rates paid on similar accounts by other providers of financial services)
• to enable us to manage the difference between the interest rates charged to our borrowers and interest rates paid to our investors, or the providers of funds to us, taking into account the interests of the Society, our members, and your rights and interests as an account holder
• to respond to changes in the law or the decision of a court or ombudsman
• to meet relevant regulatory requirements
• to respond to new (or changes to) statements or codes of practice or industry guidance designed to enhance consumer protection
• to reflect changes to our costs in providing the account, including administration costs and costs of providing services or facilities
• to introduce or alter ‘tiers’ of interest where different rates apply depending on the amount in the account.

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.

Any change we make to interest rates will be proportionate to the circumstances giving rise to the change.

For further information regarding interest rate changes including the process for notifying you, please refer to section 7 in our leaflet Saving with Ecology – General 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% gross, the balance on a £1,000 deposit after 12 months would be £1,036.00.

This projection is provided for illustrative purposes only and 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 by posting a completed application form.  Please refer to the Easy Access information sheet for further details of how to open an account and make your initial deposit.

With our online service, you can view your account transactions, send secure messages and request withdrawals.

The minimum amount to open an Easy Access account is £25 and the maximum investment is £500,000.

The minimum amount required to keep an Easy Access account open is £25.

Deposits can be made by bank transfer, Standing Order, transfer from another Ecology account or cheque.

Can I withdraw money?

As there is no notice period with the Easy Access account, you have unrestricted access to your funds.

The minimum withdrawal amount is £5 and withdrawals must be for a specific amount unless the account is to be closed. Accounts can be closed upon request and with no penalty.

Withdrawals can be requested via our online service (restrictions apply). For postal accounts, withdrawals can also be requested by using one of our Withdrawal forms or by sending us a letter signed by whoever is authorised to operate the account.

Additional information
This Summary Box should be read in conjunction with the following brochures and leaflets before applying for an Easy Access account:
• Easy Access information sheet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Savings account identification requirements

The information provided in this Summary Box is a summary of the key features of the 90-Day Notice account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Account name: 90-Day Notice

What is the interest rate?

The 90-Day Notice account offers tiered variable interest rates depending on your account balance as follows:

	Interest rate
	(% gross* p.a./AER**)
£500-£4,999	3.75%
£5,000 - £9,999	3.85%
£10,000 - £24,999	3.95%
£25,000 +	4.15%

Interest is calculated on a daily basis and credited to your account on 31 December each year. If you close your account before 31 December we’ll credit the interest to your account on the day you close it.

* 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 if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those that are expected to apply in the near future):
• to respond to changes in the Bank of England Base Rate
• to respond to changes in mortgage or interest rates generally (including the interest rates paid on similar accounts by other providers of financial services)
• to enable us to manage the difference between the interest rates charged to our borrowers and interest rates paid to our investors, or the providers of funds to us, taking into account the interests of the Society, our members, and your rights and interests as an account holder
• to respond to changes in the law or the decision of a court or ombudsman
• to meet relevant regulatory requirements
• to respond to new (or changes to) statements or codes of practice or industry guidance designed to enhance consumer protection
• to reflect changes to our costs in providing the account, including administration costs and costs of providing services or facilities
• to introduce or alter ‘tiers’ of interest where different rates apply depending on the amount in the account.

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.

Any change we make to interest rates will be proportionate to the circumstances giving rise to the change.

For further information regarding interest rate changes including the process for notifying you, please refer to section 7 in our leaflet Saving with Ecology – General terms and conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on an interest rate of 3.75% gross, the balance on a £1,000 deposit after 12 months would be £1,037.50.

The following projections are based on the minimum balances required to achieve the next interest rate tier:

Based on the interest rate of 3.85% gross, the balance on a £5,000 deposit after 12 months would be £5,192.50.

Based on an interest rate of 3.95% gross, the balance on a £10,000 deposit after 12 months would be £10,395.00.

Based on an interest rate of 4.15% gross, the balance on a £25,000 deposit after 12 months would be £26,037.50.

This projection is provided for illustrative purposes only and 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 by posting a completed application form.

With our online service, you can view your account transactions, send secure messages and request a withdrawal.

Deposits can be made by bank transfer, Standing order, transfer from another Ecology account or cheque.

The minimum amount to open and keep a 90-Day Notice account is £500. The maximum investment is £500,000.

Can I withdraw money?

90 days’ notice is required for any withdrawal from your account.

The notice period starts on the date we receive your request via our online service, or a completed withdrawal notification form or by a signed confirmation letter.

The minimum withdrawal amount is £250 and withdrawals must be for a specific amount unless the account is to be closed.

Withdrawals should be requested using using our online service. You can also use our Withdrawal form or send us a letter signed by whoever is authorised to operate the account.

Additional information
This Summary Box should be read in conjunction with the following brochures and leaflets before applying for a 90-Day Notice account:
• 90-Day Notice information sheet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Savings account identification requirements

Our 2019 speakers include leading experts on environmental issues, sustainable housing and behaviour change. They’ll be exploring topics related to this year’s theme: the Triple Bottom Line – how Ecology’s work can support positive outcomes from the perspectives of people, planet and prosperity.

John Alker, Director of Policy & Places, UK Green Building Council (UKGBC)
John leads UK-GBC’s advocacy strategy, working with government and the private sector. This includes Advancing Net Zero, a global programme catalysing decarbonisation of the built environment in response to the Paris Agreement. With previous political communications experience in emissions trading and sustainable homes, John also leads UK-GBC’s work on cities, bringing city policy-makers together with industry to enable sustainable place-making.

Emily Auckland, Network Director & Co-chair, UK Stakeholders for Sustainable Development (UKSSD)
Emily works with UKSSD’s partner organisations to mobilise progress towards the SDGs. UKSSD is a cross-sector network of organisations who work together to drive action on the UN Sustainable Development Goals (SDGs) in the UK. An Edie Sustainability Leader of the Year 2019 finalist, Emily also works for environmental charity Bioregional and is a Fellow of the RSA.

Marianne Heaslip, Architect & Associate Principal, URBED
Marianne is an architect specialising in urban design, sustainability, and participative design, and a certified European Passive House Designer. She is also a member of the Terrace 21 housing cooperative – part of the wider Granby Four Streets community land trust. Marianne’s current work encompasses a variety of community-led housing and regeneration projects, including Carbon Co-op’s ‘People Powered Retrofit’ scheme.

Sumuyya Khader, Ecology borrower and Board member of Granby 4 Streets CLT
Sumuyya is a Board member of the Granby 4 Streets Community Land Trust (CLT) and a resident of the Granby area. The CLT is working to regenerate Liverpool’s Granby neighbourhood, renovating neglected properties to bring them back into use as affordable homes for local residents. Sumuyya also works as Operations Manager at Granby Workshop – an architectural ceramics studio based in Liverpool.

Adriana Kocornik-Mina, Metrics & Research Senior Manager, Global Alliance for Banking on Values (GABV)
Holding extensive experience in development and sustainability research, Adriana is responsible for advancing research initiatives on values-based banking. She oversees the GABV Scorecard, a tool for assessing the alignment of financial institutions’ business models with sustainable banking principles. Adriana is also leading an engagement platform where knowledge is co-created around best practices and methodologies for impact creation and measurement.

Jan Maskell, Registered Occupational Psychologist, Carbon Conversations
In her work with Carbon Conversations Jan encourages behaviour change at a personal and organisational level, recognising the need to mitigate the impact of climate change and our impact on the environment. She lives in an eco-community and promotes this as an example of sustainable living through outreach work with academics and practitioners, as well as aspiring groups.

Gareth Redmond-King, Head of Climate Change, WWF-UK
Gareth leads a team of climate specialists focused on UK policy and action to reduce emissions across sectors, working closely with a wider network of climate and energy specialists. His work includes energy sector knowledge and engagement, greenhouse gas removal options, co-operation and engagement with businesses on climate change, and climate change action across international networks, including the UN.

Rose Seagrief, Programmes Manager, Power to Change
Rose leads a programme that provides funding for groups at the early stages of creating community-led housing. Rose has witnessed the power of communities – from the remotest Scottish islands the urban neighbourhoods of Leeds and London – to take matters into their own hands and deliver solutions that bring about lasting change, improving the quality of life for the whole community.

You can register to attend our AGM and Members’ Meet-up 2019 via our dedicated Eventbrite registration page.

Click here to register now.

Registration is open to all members and non-members who are interested in finding out more about Ecology Building Society.

Please register by 5.00 pm on Thursday 18 April 2019 (for catering purposes). We will contact you to confirm your place – if you have not heard from us by Thursday 25 April 2019 or are unable to register online please contact us on 01535 650 770.

Please note: we will be taking photographs and filming the day for use on our website and in materials such as our newsletter. By attending this event you are giving your consent for us to film and take your photograph unless you tell us that you object to this.