The minimum deposit is £250
You can save monthly by Direct Debit or standing order
Deposits can be made by the Scheme Administrator by cheque through the post or transfer via the banking system
Interest will be credited to your account on 5 April each year
An annual statement will be sent to you in April
For details of our interest rates please read Current savings rates and charges
If requested, interest can be paid direct into your bank account in April each year (minimum £25) or to another account with the Society
We may vary the interest rate on your account from time to time – please see Saving with Ecology – general terms and conditions for more details
Funds will only be repaid to the Scheme Administrator either by cheque or Faster Payment (up to a maximum of £100,000).
Amounts over £100,000 will need to be sent by CHAPS for which a charge will be applied. Please refer to our Current savings rates and charges leaflet
If a withdrawal would take the account balance below the required amount to keep the account open (£250), the account will have to be closed
Verifying identities helps protect us all from fraud
- We carry out identification requirements to protect everyone from fraud
- Where possible, we will first use electronic searches to confirm your identity
All banks, building societies and financial institutions are required by law to verify the identity of any individual or organisation that opens an account with them. This is necessary to protect the organisation, its members and the public from fraud and also to help combat money laundering.
You should note that there may be occasions when documentation over and above that stated here will need to be produced and you will be told if this applies to you.
What we need to verify an individual's identity
Existing member - quote your account number on your application:
If you already have an account with us and quote your account number on your application, we may not need any further evidence of your identity and address.
New to Ecology:
If you're new to Ecology, we'll verify your identity via electronic searches
What we'll need if we request more information:
If we need more information, we'll ask you to provide us with two additional forms of identification, one from each of the tables (see below).
- HM Revenue & Customs tax notification
- Letter issued by the benefits agency
- Passport (certified copy)
- UK driving licence (certified copy)
- Bank current account statement
- Building society or bank investment account statement
- Council tax bill
- Gas bill
- Electricity bill
- Water bill
- Telephone bill (not mobile telephone)
- Mortgage statement
- Credit or store card statement
Joint account? You must each have your identity verified. However, both of you may rely on the same items from Table A and Table B if they are addressed to and clearly identify each of you.
- Online statements or downloaded documents cannot be accepted under any circumstances
- Any documents produced must be current and issued within the last 12 months
- The identification provided must be from different organisations
- All original documents will be returned to you when the account has been opened
- Copy documents are not acceptable, except in the case of passports and driving licences, which must be certified (see below)
Copies of passports and driving licences must be certified by one of the following:
- Bank or building society official
- Minister of religion
- Regulated financial adviser or mortgage broker
Certification: The document that is being certified must state 'original seen' as well as being dated and signed. The document should also include the name of the certifier, their profession and full contact details. If the identification is photographic, the certifier must state that 'the photograph is a good likeness of the applicant'. The certifier must not be related to the applicant in any way, or named as a joint account holder.
In a child’s name
An account can be opened in a child’s name if a parent or relative makes an initial deposit from an account held in their name and includes a covering letter, confirming the money is being given to the child and how they are related.
Important note: If an account is to be opened in a child’s name, the child must understand how the account will operate and be able to sign their own name.
The application should be accompanied by three items:
• A photocopy of the child’s birth certificate
• A photocopy of the child’s passport, medical card, school/college ID card or bus/train pass
• An original letter from the child’s school/college, doctor or dentist specifically referring to the child.
On behalf of a child (as a trustee)
An account can be opened by a parent or relative as a trustee for a child 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 as specified for individual’s identification requirements. The application should be accompanied by a photocopy of the child’s birth certificate.
|For new build projects eligible for the C-Change for Sustainable Homes discount||Ratings||Variable Rate||Discount %||Variable Mortgage Rate|
|Energy Performance Certificate (EPC)||A or above||5.50%||0.75%||4.75%|
|Code for Sustainable Homes (CSH)||Code Level 4||5.50%||0.75%||4.75%|
|Code for Sustainable Homes (CSH)||Code Level 5||5.50%||1.00%||4.50%|
|Code for Sustainable Homes (CSH)||Code Level 6||5.50%||1.25%||4.25%|
|Association for Environment Conscious Building (AECB)||Silver||5.50%||0.75%||4.75%|
|Association for Environment Conscious Building (AECB)||Gold||5.50%||1.25%||4.25%|
|C-Change Retrofit (for whole house renovations)||Ratings||Variable Rate||Discount %||Variable Mortgage Rate|
|Energy performance Certification for retrofit projects (EPC)|| |
EPC rating improvement
|5.50%||0.25% for each improvement in EPC rating||4.00%-5.25%|
|C-Change Energy Improvement discount||Ratings||Variable Rate||Discount %||Variable Mortgage Rate|
|For specific energy improvement works||Evidenced via invoices and our C-Change energy improvement checklist||5.50%||A 1.00% discount is applied on funds borrowed specifically for qualifying energy improvement works (see C-Change energy improvement checklist)||4.50% on funds borrowed specifically for qualifying energy improvement
5.50% for funds borrowed
that are not related to qualifying energy improvement works
to the property
|Value of property not exceeding||Fee|
|Up to each £50,000 thereafter add||£30|
Please note these fees apply to residential and buy-to-let applications.
In all other instances, the fee required will be determined on a case-by-case basis.
A more detailed inspection, such as a Homebuyers Report can often be provided by the same valuer at a fee to be negotiated. Please advise on this point when submitting your application. Depending on the nature of the property, the fee required may on occasion differ from this scale. Valuation fees include VAT.
A non-refundable mortgage application fee of £300 is payable in addition to a mortgage valuation fee.
Early repayment charge
An early repayment charge may be payable if you repay all or part of your mortgage within the first two years.
Our service, fees, tariffs and charges
The Society reserves the right to amend existing services and charges, or to introduce new ones.
Any change to charges will only reflect the increased operational costs of providing the service. You will always be notified before any changes are implemented.
For further details and tariff information please see Our rates and charges leaflet.