Ecology announces increase in rates - but retains competitive edge
Wednesday 4 October 2006
Ecology Building Society increased all savings rates by 0.15% and its Standard Variable Rate (SVR) by 0.10% on 1 October 2006. The decision was made to increase the Society's rates following the Bank of England's base rate increase of 0.25% to 4.75% on 3 August. The new rates apply to new and existing members from 1 October.
The Ecology's last rate change took place on 1 September 2005 when both savings and mortgage rates were reduced by a quarter of a percent. Many banks and building societies reduced their savings rates during 2006, prior to the Bank of England rate change in August, but the Ecology decided not to disadvantage savers by following suit.
While many lenders increased their mortgage rates back in August by the full rise in the base rate, the Ecology's response has been to limit the increase and delay implementation in accordance with its policy of seeking to provide borrowers with long term value for money. Indeed according to Moneyfacts, with Co-operative Bank's SVR now at 6.64% and Norwich & Peterborough Building Society's SVR increasing to 6.74%, Ecology Building Society's SVR now looks extremely competitive at 6.15%!
Chief Executive Paul Ellis comments: "The Ecology constantly looks to improve the cost of ecological borrowing when the growth of the Society permits. Along with our recently announced C-Change mortgage discount for energy-efficiency, we offer even better value for money than ever before."
