Regular Savings Accounts

Key Features:

  • Variable interest rate of 3.85% gross* p.a./AER**
  • Ethical savings account that helps to support green and sustainable homes and businesses in the UK
  • Save between £10 and £250 a month
  • Available to individuals and trustees (1)
  • Minimum amount of £10 to open and keep this account
  • Two withdrawals allowed per calendar year
  • With our online service, you can view your account transactions, send secure messages and request withdrawals
  • Option to apply for an account in a young person's name or on behalf of a child (2)
  • Voting rights available (3)

*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.

1. Where the trust account is subject to a formal trust document, accounts will only be accepted where a trustee or beneficiary has been a member of the Society for the previous twelve months.

2. These accounts can be opened for a young person aged 16 or 17, or by parents or relatives as trustees for a child of any age. For further information please refer to the section below How to apply if you are under 18 years old.

3. 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.

Regular Savings Summary Box

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

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 a Regular Savers Account.

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 or 17 with a 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 can open an account on the behalf (and in the name) of a young person (16-17 years old) with 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 Requirements document.

Child (under 16 years old)

An account can be opened by a parent/guardian or relative as a trustee for a child under the age of 16 if the parent/guardian or relative makes an initial deposit from an account held in their name.

Applicants (the parents/guardians or relatives) must have their identity verified in accordance with the information provided in the Savings Account Identification Requirements document. Birth/Adoption certificate (original only), NHS Medical Card or National Insurance notification letter must also be provided during application.

How to apply for a Regular Savings account

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

Step 2.
Tick the box to download the Regular Savings application form

Step 3.
Post your Regular Savings 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.

Regular Savings application

How can I pay money in?

You can make payments into your account by bank transfer, transfer from another Ecology account and Standing Order.

Please see our General Savings Terms and Conditions for more information and Product Specific Conditions.

If you want to transfer funds direct via Faster Payments or CHAPS, your bank will need the following details:

• Destination sort code: 08 90 72
• Destination account number: 70361591
• Account name: Payee name
• Reference: quote your 10 digit Ecology account number

If your account number is not quoted, the payment will be returned.

Transferring money from a Co-operative Bank account?
The above details are for a collection account that we hold with the Co-operative Bank. Please note, if you hold an account with the Co-operative Bank and are using their online facility to transfer funds into your Ecology account, you will need to use the Co-operative’s ‘bill payment‘ function. This is because it will allow you to quote a reference when making your transfer; without a reference, we may be unable to pay the money into your Ecology account.

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.

Check out our See Where Your Money Goes map to find out how many sustainable homes and businesses we're supporting in your area right now.

Refugees smile at the camera whilst on a trip in the Lake District with the development education centre Global Link, showing the impact of ethical savings with Ecology Building Society

Image: Global Link, an inspiring community-led project in Lancashire supported by an Ecology mortgage. 

 

 

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. Download the FSCS leaflet for further details or visit www.fscs.org.uk | FSCS Information Sheet