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