Ecology Cash ISA – 2023 – 2023 copy

Key Features:

  • Current variable interest rate of 2.70% gross* p.a/AER**
  • The minimum amount to open an Ecology Cash ISA is £25
  • The maximum ISA allowance is £20,000 for the 2022/2023 tax year
  • No-notice withdrawals; however, if a withdrawal is made, the value may only be replaced by further subscriptions where the annual investment limit for the relevant tax year has not been reached.
  • A minimum balance of £25 is required in your account
  • Monthly savings options
  • View your account, request withdrawals and send secure messages via our online service (restrictions apply)
  • Deposits can be made via bank transfer, Direct Debit or by cheque
  • Interest payable on 5 April
  • Statements issued annually in April
  • Limited to one ISA per member
  • To open and maintain an account, you will need to be resident in the UK and not resident for tax purposes anywhere other than the UK
  • This account is not available for children
  • Voting rights available (1)

*All ISA interest is paid tax-free, which means it's exempt from income tax and no tax is deducted.  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.

  1. Voting rights are available to those individuals aged 18 or over whose account balance was not less than £100 between the Society’s previous financial year end (or other date as specified in the Rules) and the date of voting.
Further reading
Ecology Cash ISA Summary Box

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

Account name: Ecology Cash ISA

What is the interest rate?

The Ecology Cash ISA will offer a variable rate of interest of 4.00% 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. 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 4.00% tax free, the balance on a £1,000 deposit after 12 months would be £1,040.00.

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.

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.

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

The minimum amount to open an Ecology Cash ISA is £25.

The ISA investment limit for the 2024/2025 tax year is £20,000.

The minimum balance required to maintain the Ecology Cash ISA is £25.

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

To open and maintain an account, you need to be resident in the UK and not resident for tax purposes anywhere other than the UK.

Can I withdraw money?

The Ecology Cash ISA is a no notice account.

Withdrawals must be for a specific amount unless the account is to be closed. Accounts can be closed upon request and with no penalty.

If a withdrawal is made, the value may only be replaced by further subscriptions where the annual investment limit for the relevant tax year has not been reached.

Withdrawals should 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 Ecology Cash ISA:
• Ecology Cash ISA information sheet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Savings account identification requirements

How to apply

Applying for an account is simple. We’ll guide you through the process step by step.

1

Register with our online service or log in to your account below

2

Fill in our online application form

3

Start saving for a greener future

New to Ecology?

You’ll need to register with us before you apply for an Ecology Cash ISA.

Register

Existing Member

If you’re an existing Ecology member, log in to your account online or register for our online service to apply.

Login Register
How to apply if you are under 18 years old
Young person (16-17 years old)

An account can be opened by a young person aged 16-17 years with a cheque or bank transfer from an account in their name.  You must complete an application form and send it to us.  See the section on 'How to apply' below.

Alternatively, a parent/guardian or relative can open an account on the behalf (and in the name) of a young person (16-17 years old) with either:

    • a cheque (drawn on their own personal current account);
    • a bank or building society cheque (supported by an investment account statement); or
    • a bank transfer.

A covering letter that confirms the relation to the young person and declares that the money will indeed be used by the young person must also be provided during the application. We will need to verify the identity and address of the young person. For details of how this is done, please read the Savings account identification leaflet.

 

How to apply for an Ecology Cash ISA account

Step 1.
Please read all the documents on the right before applying

Step 2.
Tick the box to download the Ecology Cash ISA application form

Step 3.
Post your Ecology Cash ISA application form to us - please note, scanned copies are not accepted

Please note our identification requirements
list in case we request more information 

Please read these documents and tick the box below to download the application form

Ecology Cash ISA application

Our impact

Our impact isn't about the profit we make – it's about the difference we make to the environment and to communities across the UK.

Since 1981 we've lent to over 3,500 projects, supporting individuals, charities, environmental businesses and community-led housing organisations to realise their sustainable living ambitions.

In 2021 we lent £69.4 million to support 371 sustainable properties and projects.

 

 

Rated as an ethical Best Buy for our mortgages and savings

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UntitledYour eligible deposits with Ecology Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk | FSCS Information Sheet