Archives: FAQ - Savings

180-Day Notice Summary Box

The information provided in this Summary Box is a summary of the key features of the 180-Day Notice account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Account name: 180-Day Notice

What is the interest rate?

The 180-Day Notice account offers a variable rate of interest of 4.75% gross* p.a./AER**

Interest is calculated daily and credited to your account on 31 December each year. If you close your account before 31 December we’ll credit the interest to your account 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 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 4.75% gross, the balance on a £1,000 deposit after 12 months would be £1,047.50.

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.

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

Deposits can be made by bank transfer, Standing order, transfer from another Ecology account or cheque.

The minimum amount to open and keep a 180-Day Notice account is £1000. The maximum investment is £500,000.

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?

Yes, you can withdraw money. 180 days’ notice is required for any withdrawal from your account. The minimum withdrawal amount is £250 and withdrawals must be for a specific amount unless the account is to be closed.

The notice period starts on the date we receive your request via our online service, or a completed withdrawal notification form.

Withdrawals can be requested through your online account or by using a Withdrawal form.

Additional information
This Summary Box should be read in conjunction with the following brochures and leaflets before applying for a 180-Day Notice account:
• 180-Day Notice information sheet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Savings account identification requirements

90 Day Notice Savings Account

Key Features

Tiered variable interest rates ranging from 3.75% to 4.15% gross* p.a./AER** depending on your account balance. Please see table below:

£500 - £4,999 - 3.75% gross* p.a./AER**

£5,000 - £9,999 - 3.85% gross* p.a./AER**

£10,000 - £24,999 - 3.95% gross* p.a./AER**

£25,000 + - 4.15% gross* p.a./AER**

  • The maximum investment is £500,000
  • Withdrawals with 90 days’ notice
  • View your account and send secure messages via our online service (restrictions apply).
  • Voting rights available (1)
  • £500 minimum balance required to keep account open
  • Interest payable on 31  December
  • Statements issued annually in January

*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) 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.

35-Day Notice Summary Box

The information provided in this Summary Box is a summary of the key features of the 35-Day Notice account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Account name: 35-Day Notice

What is the interest rate?

The 35-Day Notice account offers a variable rate of interest of 4.10% gross* p.a./AER**

Interest is calculated daily and credited to your account on 31 December each year. If you close your account before 31 December we’ll credit the interest to your account 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 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 4.10% gross, the balance on a £1,000 deposit after 12 months would be £1,041.00.

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.

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

Deposits can be made by bank transfer, Standing order, transfer from another Ecology account or cheque.

The minimum amount to open and keep a 35-Day Notice account is £500. The maximum investment is £500,000.

Can I withdraw money?

Yes, you can withdraw money. 35 days’ notice is required for any withdrawal from your account. The minimum withdrawal amount is £250 and withdrawals must be for a specific amount unless the account is to be closed.

The notice period starts on the date we receive your request via our online service, or a completed withdrawal notification form.

Withdrawals can be requested through your online account or by using a Withdrawal form.

Additional information
This Summary Box should be read in conjunction with the following brochures and leaflets before applying for a 35-Day Notice account:
• 35-Day Notice information sheet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Savings account identification requirements

7. Additional personal information that we process in connection with core capital deferred shares

This includes:

  • Your financial details e.g. details of account(s) held with other providers to administer payments to you for distributions and from you for your investment;
  • Information on source of funds for any investment made;
  • Information about your tax position including citizenship, tax residency, National Insurance Number, Tax Identification Number (where applicable); and
  • Where a transfer of core capital deferred shares is made to another person, information about that person and the transfer.

Earthwise Cash ISA (ex-TESSA ISA)

Key Features

  • Variable interest rate of 3.50% gross* p.a./AER**
  • Minimum interest rate guarantee of 1.00% gross* p.a./AER**
  • Due to restrictions within our system, we cannot accept additional deposits into converted Cash ISA products
  • No notice withdrawals
  • Minimum balance required to keep the account open is £25
  • View your account, request withdrawals and send secure messages via our online service (restrictions apply)
  • Operation also available via free First Class Business Reply post
  • Interest payable on 5 April
  • Statements issued annually in April
  • Voting rights available (1)

*All ISA interest is paid tax-free, which means it's exempt from income tax and 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) 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.

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 or by cheque.

We do not currently accept ISA transfers in or partial transfers in.

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

Foundations Cash ISA

Key Features

  • No additional deposits can be made into this account
  • Variable interest rate of 3.50% gross* p.a./AER**
  • Minimum interest rate guarantee of 1.00% gross* p.a./AER**
  • No notice withdrawals
  • A minimum balance of £25 is required in your account
  • View your account, request withdrawals and send secure messages via our online service (restrictions apply)
  • Interest payable on 5 April
  • Voting rights available [1]


*All ISA interest is paid tax-free, which means it's exempt from income tax and 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] 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.

24. Updates to this privacy notice

This privacy notice may be updated from time to time. This means we may send you an updated copy (depending on whether we are required to do that or not) or notify you of the changes.

Foundations Cash ISA Summary

Key Features

  • Variable interest rate of 1.10% gross* p.a/AER**
  • Minimum interest rate guarantee of 1.00% gross* p.a./AER**
  • The minimum amount to open a Foundations Cash ISA is £25
  • The maximum ISA allowance is £20,000 for the 2020/2021 tax year
  • We're not accepting deposits after 1 April for the 2021/2022 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
  • Limited to one ISA per member
  • This account is not available for children
  • Voting rights available


*All ISA interest is paid tax-free, which means it's exempt from income tax and 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)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 terms and conditions that apply to the account.

Account name: Regular Savings

What is the interest rate?

The Regular Savings account offers a variable rate of interest of 4.25% gross* p.a./AER**.

Interest is calculated daily and credited to your account on 31 December each year. If you close the account before 31 December we’ll credit the interest to your account

* 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 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 monthly deposit of £250?

Based on an interest rate of 4.25% gross, the estimated balance on a monthly deposit of £250 after 12 months would be £3,069.07.

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.

You can manage your account using our online service (restrictions apply) or by post.

With our online service, you can view your account transactions, send secure messages and request withdrawals. Payments can take up to two working days to show on your account.

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

You can save between £10 and £250 a month with the maximum investment being £3,000 per calendar year.

If your monthly payment is less than £250, you can top it up to the value of £250 by bank transfer or cheque.

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.

Can I withdraw money?

Yes, you can withdraw money twice a year. 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 via our online service (restrictions apply) or by using one of our Withdrawal forms.

Additional information
This Summary Box should be read in conjunction with the following brochures and leaflets before applying for a Regular Savings account:
• Regular Savings information sheet
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Savings account identification requirements