Ecology celebrates success of ethical savings
Thursday 22 May 2008
...And extends range with a new Bond
It's National Ethical Investment Week - a campaign backed by the financial services industry and community groups to encourage investors to consider a green and ethical investment option. And right now leading ethical investment provider Ecology Building Society has three reasons to be cheerful!
- Record savings inflow in April - the highest in the Society's 27 year history
- Issue 3 of the popular Earthsaver Bond is now available
- Earthwise Cash ISA performing strongly
Ethical investments have never been so popular and the Ecology's inflow figures are proof. In April the monthly savings receipts rocketed to over £2.4 million, resulting in net inflow of almost £1.3 million - a Society record! By the end of the first quarter inflow was double that expected.
The Earthsaver Bond issue 3 is expected to increase deposits further. The one year savings bond not only offers an attractive tiered range of interest rates up to 4.40%, but also supports the Centre for Alternative Technology. The Society has already donated over £15,000 to CAT from previous bond issues.
Ecology has been offering a straight-forward range of ethical savings accounts since 1981 - including a tax-free Cash ISA, penalty-free instant access account and a 60 day notice account. The Earthwise Cash ISA is by far the Society's most successful account, bringing in the highest amount of deposits each month, followed closely by the Eco-60 notice account.
All savers' investments are used to fund the Ecology's green mortgages, which are only available for properties that have a positive environmental benefit. So not only do savers receive a good return on their investment, but they know their savings are helping to build a more sustainable future.
Ecology Chief Executive, Paul Ellis comments, "Our record inflow and success or our ethical savings accounts shows that savers want to invest their money ethically. The recent troubles in the banking industry have made savers think about the stability of the financial institution they deal with and it is not surprising many have put they trust and savings in the security of mutual building societies such as the Ecology".
