Archives: Faq

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 0.30% gross* p.a/AER**.

Interest is calculated on a daily basis and credited to your account on 5 April each year.

* 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 0.30% gross, the balance on a £1,000 deposit after 12 months would be £1,003.00.

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?

Limited to one Ecology Cash ISA per member.

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 2020/2021 tax year is £20,000.

The minimum balance required to maintain the Ecology Cash ISA is £25.

Deposits can be made via bank transfer, Standing Order, transfer from another Ecology account, transfer from another ISA held with another provider, or by cheque.

You can save monthly by standing order.

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.

On the instructions of the investor and within the time stipulated by the investor, all the investments held in the ISA and proceeds arising from those investments shall be transferred or paid to the investor.

Withdrawals should be requested via our online service (restrictions apply). Withdrawals can also be requested by using one of our Withdrawal/Notification 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
• Our range of savings accounts
• Savings account identification requirements

We’re committed to always giving you the best service that we can, with over 94% of Ecology borrowers rating us as very good or excellent.

You can speak directly to our dedicated team of specialist mortgage advisers who are experts in renovations and retrofits. We consider every project on a case-by-case basis and have extensive experience in non-standard properties, energy efficiency improvements and ecologically sound building practices.

The Financial Conduct Authority (FCA) has laid down detailed rules about the service we must offer on regulated residential mortgages. Under these rules, we will provide you with advice and a recommendation on which of the Society’s products is most suitable for you, based on your needs, preferences, and affordability.

We’ll lend money to help you buy and renovate the property.

We’ll release up to 80% or 90% of the purchase price or value of the property and subsequently, the money required for the renovation costs. As you continue with your renovation, staged payments of up to either 80% or 90% of your increased property value will be released – this will help you keep tabs on your budget and planning.

This type of mortgage may be suitable if you are able to make a cash deposit on your property and fund the early stages of the build.  We normally recommend 15%  to 20% of your total budget as a good starting point to begin your renovation.

Once your renovation is complete and the energy efficiency of your property is improved, you can lower your interest rate through our C-Change discounts.

If you’re planning to bring a derelict property back to life, we’re here to help.

You may have found that some high street lenders can only offer a mortgage on habitable properties. This approach makes it hard to find the necessary funding to complete extensive renovation projects.

At Ecology, we’re not put off by the condition of the property; your project may be a shell without a roof or a historic building that has fallen into disrepair over the years. So, as long as the works required improve the energy efficiency of your building, we’ll consider lending.

We’ll look at:

• Buildings in a derelict condition
• Historic or listed buildings
• Fire damaged buildings
• Non-standard construction types, such as timber framed or thatched roofs

Our mortgages are available in the UK (England, Scotland, Wales and Northern Ireland).

The Government has launched a new scheme offering money to help homeowners make their homes more energy efficient.

The Green Homes Grant scheme provides homeowners with a voucher worth up to £5000 – or £10000 for low-income households – to help cover the costs of making energy efficiency improvements to your home.

This scheme complements our renovation mortgage offering, particularly for extensive retrofits and significant energy improvements.

For more information, please see our news article which explains how the scheme works and how you can apply for a grant.

We’re committed to always giving you the best service that we can, with over 94% of Ecology borrowers rating us as very good or excellent.

You can speak directly to our dedicated team of specialist mortgage advisers who are experts in conversion mortgage finance. We consider every project on a case-by-case basis and have extensive experience in non-standard properties and ecologically sound building practices.

The Financial Conduct Authority (FCA) has laid down detailed rules about the service we must offer on regulated residential mortgages. Under these rules, we will provide you with advice and a recommendation on which of the Society’s products is most suitable for you, based on your needs, preferences and affordability.

We’ll lend money to help you buy and renovate the property.

Normally, we’ll release up to 90% of the purchase price or value of the property and subsequently, the money required for the renovation costs.  As you continue with your renovation, staged payments of up to 90% of your increased property value will be released – this will help you keep tabs on your budget and planning.

This type of mortgage may be suitable if you are able to make a cash deposit on your property and fund the early stages of the build.  We normally recommend 15%  to 20% of your total budget as a good starting point to begin your renovation.

Once your renovation is complete and the energy efficiency of your property is improved, we can lower your interest rate through our C-Change discounts.

If you’re planning to bring a derelict property back to life, we’re here to help.

You may have found that some high street lenders will only offer a mortgage on habitable properties. Their approach makes it hard for finding the necessary funding to complete extensive renovation projects.

At Ecology, we’re not put off by the condition of the property; your project may be a shell without a roof or a historic building that has fallen into disrepair over the years. So, as long as the works required improve the energy efficiency of your building, we’ll consider lending.

We’ll look at:

• Buildings in a derelict condition
• Historic or listed buildings
• Fire damaged buildings
• Non-standard construction types, such as timber framed or thatched roofs

Our mortgages are available in the UK (England, Scotland, Wales and Northern Ireland).

In a young person’s name (16-17 years old)

An account can be opened by a young person aged 16 or 17 with a cheque or a payment from an account in their name.

Alternatively, a parent or relative can provide:

• a cheque (drawn on their own personal current account);
• a bank or building society cheque (supported by an investment account statement from the relevant bank or building society); or
• a bank transfer from an account.

A covering letter must also be provided confirming the money is being given to the young person and how they are related.

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 leaflet.

On behalf of a child (as a trustee)

An account can be opened by a parent or relative as a trustee for a child of any age if the parent or relative makes an initial deposit from an account held in their name. Applicants (the parents or relatives) must each have their identity verified in accordance with the information provided in the Savings account identification requirements leaflet specified for individual’s identification requirements. The application should be accompanied by a Birth/Adoption certificate (original only), NHS Medical Card or National Insurance notification letter.

Our 90-Day Notice savings account is available only to existing Ecology members (child or trustee) who have continued to be members since 7 February 2020.