Interest rates and charges
Once you open an account with the Ecology you will be notified individually about changes in the interest rate on your account(s). Latest interest rates can be seen below, or obtained by contacting the office on 0845 674 5566.
Current interest rates
| Rates effective from 1 July 2010 | Previous rate | |||
|---|---|---|---|---|
| AER/Gross pa % | Net pa% | AER/Gross pa % | Net pa% | |
| Foundations Share | ||||
| 1.00 | 0.80 | 1.00 | 0.80 | |
| Foundations Cash ISA* | ||||
| 1.70 | - | 1.20 | - | |
| Foundations Deposit | ||||
| 1.00 | 0.80 | 1.00 | 0.80 | |
*Tax exempt interest rate. The Cash ISA is a non Stakeholder account.
Closed issue rates
(Accounts no longer available)
| Rates effective from 1 January 2010 | Previous rate | |||
|---|---|---|---|---|
| AER/Gross pa % | Net pa% | AER/Gross pa % | Net pa% | |
| Eco-Instant Share & Corporate Deposit | ||||
| £25 - £499 | 1.00 | 0.80 | 1.00 | 0.80 |
| £500 - £4,999 | 1.00 | 0.80 | 1.00 | 0.80 |
| £5,000 - £9,999 | 1.00 | 0.80 | 1.00 | 0.80 |
| Over £10,000 | 1.00 | 0.80 | 1.00 | 0.80 |
| Eco-60 Share (60 days notice) | ||||
| £500 - £2,499 | 1.00 | 0.80 | 1.00 | 0.80 |
| £2,500 - £4,999 | 1.00 | 0.80 | 1.00 | 0.80 |
| £5,000 - £9,999 | 1.00 | 0.80 | 1.00 | 0.80 |
| £10,000 - £24,999 | 1.25 | 1.00 | 1.25 | 1.00 |
| Over £25,000 | 1.50 | 1.20 | 1.50 | 1.20 |
| Earthwise Cash ISA** | ||||
| 1.70 | - | 1.50 | - | |
| Charity Deposit | ||||
| 1.00 | 0.80 | 1.00 | 0.80 | |
| Ordinary Share / Ordinary Deposit | ||||
| 1.00 | 0.80 | 1.00 | 0.80 | |
| Foundation Supporters*** | ||||
| 2.00 | 1.60 | 2.00 | 1.60 | |
| Earthsaver Bond Issue 2 and Issue 3 | ||||
| £500 - £4,999 | 2.00 | 1.60 | 2.00 | 1.60 |
| £5,000 - £9,999 | 2.00 | 1.60 | 2.00 | 1.60 |
| Over £10,000 | 2.00 | 1.60 | 2.00 | 1.60 |
**Tax exempt interest rate.
***Still available for previous Foundation Shareholders. Please contact the Savings Department on 0845 674 5566 or at savings@ecology.co.uk to open an account.
Interest will be paid or credited after deduction of income tax at the appropriate rate or, subject to the required certification, gross. The net rates quoted are for illustrative purposes only and assume a tax rate of 20%. All rates are variable. AER stands for Annual Equivalent Rate and provides a means of comparing interest rates by showing what the rate would be if interest were paid and added once per year.
Tariff of charges
The following services are available on all the Society's savings accounts and are provided in addition to the normal operation of an account. The charges will be deducted from your account and appear in your passbook where issued and on your statement.
| Duplicate statement 975 | £5 |
|---|---|
| Where a request is made for a duplicate when the original statement has been misplaced or destroyed. | |
| Re-presented cheques | £5 |
| A charge made each time a cheque paid into your account is re-presented for payment due to insufficient funds being available. | |
| Returned cheques | £10 |
| A charge made if a cheque is finally returned by the bank due to insufficient funds. | |
| Access to personal details | £5 |
| A fee which is payable if you wish to have a copy of your personal details held in our computer records and customer filing systems. | |
| Telegraphic transfer of funds | £25 |
| A fee is payable where it is essential to transfer funds directly to any other bank or building society in the UK on the same day. | |
| Special clearance of a cheque | £15 |
| We require seven banking days to find out if a cheque has been paid or not - so when you pay a cheque into your account it will be seven banking days following receipt at this office before you can draw on the funds. If you request a special presentation, funds can normally be drawn within two banking days providing the cheque has reached its destination. | |
| Stopped cheques | £7 |
| If you wish to stop a cheque drawn on your account due to it being lost, stolen or destroyed, there will be a charge levied for each cheque. A replacement cheque will be issued made payable to the original payee. | |