Changes to Ecology savings accounts3 December 2015
Our new savings account range was launched in March 2015 and we’ve been really pleased with the take-up of these accounts. We have now made changes to some of our savings accounts, including changes to the maximum balance and allowing partial ISA transfers out.
Changes to the maximum balance
We have been experiencing record levels of demand for our mortgages, which means that we can accept more savings than we anticipated to support our sustainable lending. So we have changed the maximum balance to £75,000 (previously £20,000) on the following accounts – Easy Access, 90-Day Notice, and Treasurers’ Deposit. This change has been in effect since 1 December 2015.
Changes to the 90-Day Notice account interest rate tiers
Given the increase in the maximum balance we have added a new interest rate tier and made a change to the existing tiers for the 90-Day Notice account, from 1 December 2015, as follows:
|90-Day Notice account||AER/Gross pa %|
|Net pa %
|£500 - £4,999||1.15||0.92|
|£5,000 - £9,999||1.30||1.04|
|£10,000 - £24,999||1.50||1.20|
|£25,000 - £75,000||1.60||1.28|
Interest will be paid or credited after deduction of income tax at the basic rate of 20% or, subject to the required certification, gross.
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 a year.
Foundations Cash ISA
We have extended the eligibility to apply for our Foundations Cash ISA to individuals who were Ecology members on 25 September 2015, have continued to be a member since that date and have not already paid into a cash ISA with another provider for the 2015/2016 tax year.
In addition we now offer the facility to make partial transfers out of an Ecology Cash ISA to another ISA provider which accepts transfers. Subscriptions for the current tax year must be transferred out in full as you cannot have current tax year subscriptions in two separate cash ISAs. If you would like to make a partial transfer you will need to contact the ISA provider you wish to transfer your money to. Once we receive instructions from the new ISA provider, we will process the transfer request from them within 5 working days.
To find out more please visit www.ecology.co.uk/savings