Archives: FAQ - Savings

When you join the Carbon Club, you can choose to calculate your carbon emissions in two ways:

1. The carbon calculator – a tailored estimate
Use our simple carbon calculator for a tailored estimate. This asks you to answer straightforward questions about things like transport, diet and purchase of goods. Your annual carbon emissions will be calculated according to the answers that you give. You can then choose to offset your total emissions or a proportion of them. Even if you’re not signing up to the carbon club, the calculator is a great way to get to grips with your emissions and keep track of your efforts to reduce them.

2. The UK household average – a basic estimate
Alternatively, you can select one of three preset monthly payment plans, which are priced according to your household’s estimated annual carbon emissions. This estimate is based on the average carbon emissions for a UK household of an equivalent size to yours.

The Ecology Carbon Club is a scheme created through a collaboration between Ecology and carbon offsetting specialists, Forest Carbon. It offers our members – and the wider Ecology community – a straightforward way to minimise the negative impact of unavoidable carbon emissions.

The Club offers three basic monthly payment plans, which are priced according to your household’s estimated carbon emissions. You can also use the simple carbon calculator for a tailored estimate of your annual carbon emissions and choose the amount that you wish to offset.

The money that you pay each month goes toward planting sufficient trees to offset the carbon generated through day-to-day living. These trees are planted as part of Forest Carbon’s sustainable woodland projects in the UK, all of which are accredited by the Woodland Carbon Code.

Carbon offsetting is a means of mitigating the harmful effects of unavoidable CO2 emissions by supporting projects that will absorb an equivalent amount of carbon from the atmosphere.

There are a wide variety of projects that offer carbon offsetting potential, including sustainable woodland creation and schemes to improve energy efficiency.

At Ecology, we believe that carbon offsetting should not take the place of efforts to reduce the carbon that we emit in the first place. We closely monitor our carbon emissions and explore the most effective ways to control them, using offsetting as a secondary measure to help reduce any negative impact of our operations.

The information provided in this Summary Box is a summary of the key features of the Regular Savings account and is not 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 1.75% gross* p.a./AER**

Interest is calculated on a daily basis and credited to your account on 31 December each year.

* 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 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 1.75% gross, the estimated balance on a monthly deposit of £250 after 12 months would be £3,028.44.

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?

Limited to one Regular Savings account per member.

To open an account, please go to the ‘How to apply for a Regular Savings Account’ section towards the bottom of this page. Alternatively, you can request to open an account by emailing [email protected] or calling us on 01535 650 770.

Operation is via Ecology’s online service (restrictions apply) or by free First Class Business Reply post.

You can save between £25 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 way of a bank transfer or cheque.

Please note, if funds received take the monthly payment in excess of £250, these will automatically be returned.

Only one monthly Direct Debit can be set up and we will collect payment from your bank account on the second working day of each month.

The minimum amount required to keep a Regular Savings account open is £25.

If you miss more than two payments in a calendar year we will close your account and transfer the whole balance, including accrued interest, to an Easy Access account.

Can I withdraw money?

As there is no notice period with the Regular Savings account, you have unrestricted access to your funds, however, only two withdrawals are allowed in a calendar year. If you make three withdrawals in a calendar year we will close your account and transfer the whole balance, including accrued interest, to an Easy Access account.

The minimum withdrawal amount is £25 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 should be requested via our online service (restrictions apply). Withdrawals can also be requested by using one of our Withdrawal/Notification 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 leaflets before applying for a Regular Savings account:
• Regular Savings account leaflet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Our range of savings accounts
• Savings account identification requirements

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

Account name: Self Invested Personal Pension (SIPP)

What is the interest rate?

0.60% below the Bank of England Base Rate (BoEBR) up to £50,000 and 0.40% below BoEBR for funds in excess of £50,000. The account carries a minimum interest rate guarantee of 1.00% gross* p.a./AER**

Interest is calculated on a daily basis and credited to your account on 31 December each year.

* 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.

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 £5,000 deposit?

Based on an interest rate of 1.00% gross, the balance on a £5,000 deposit after 12 months would be £5,050.

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?

The account holder will be the Scheme’s Administrator. The beneficiary may also be a signatory; however, the Scheme Administrator must be the first signatory.

Operation is via Ecology’s online service (restrictions apply) or by free First Class Business Reply post. Withdrawals via the online service are not available for this account.

The minimum amount to open a SIPP is £5,000 and the maximum investment is £125,000.

The minimum deposit is £250 and the minimum amount required to keep a SIPP open is £250.

Can I withdraw money?

There is no notice period with the account.

Funds will only be repaid to the Scheme Administrator either by cheque or Faster Payment (up to a maximum of £100,000). Amounts over £100,000 will need to be sent by CHAPS for which a charge will be applied.

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 should be requested by using one of our Withdrawal/Notification 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 leaflets before applying for a SIPP:
• SIPPs Trustee Deposit Account Terms & Conditions
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Our range of savings accounts
• Savings account identification requirements