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 Product Specific Conditions.
Account name: Regular Savings
What is the interest rate?
The Regular Savings account offers a variable rate of interest of 3.85% gross* p.a./AER**.
Interest on this account is calculated daily and credited on 31 December. If you close the account before 31 December we’ll credit the interest 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.
Where we make any such change, we’ll act reasonably. We’ll only make the change if we believe it’s fair in the circumstances.
For further details about interest rate changes including the process for notifying you, please refer to section 10 in our in our leaflet General Savings 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 3.85% gross, the estimated balance on a monthly deposit of £250 after 12 months would be £3,062.56, that’s £62.56 of interest.
This illustration is an example to help you compare accounts. It does not take into account any 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 online account.
Deposits can be made by bank transfer, Standing Order, or transfer from another Ecology account.
You can save between £10 and £250 a month with the maximum investment being £3,000 per calendar year.
If your regular payment is less than £250, you can top it up to the value of £250 during the month. 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.
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 twice a year. If you need to withdraw more than twice, you must close the account. 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 online (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 a Regular Savings account:
• Regular Savings Product Conditions
• General Savings Terms and Conditions
• FSCS Information Sheet
• Current Savings Rates and Charges
• Savings Account Identification Requirements
