Important Changes To Some Of Our Savings Accounts

Ecology Building Society sustainable mortgages and savings logo 2

After 8 July 2021 you will no longer be able to make additional deposits into some of our older savings accounts, which are no longer available for new applications.  This means that any payments into these accounts must be received at Ecology by 8 July 2021.

Individual or joint account holders of the following savings accounts are affected by these changes:

  • Ordinary Share
  • Eco-60
  • Eco-Instant
  • Deposit
  • Foundations Share
  • Foundation Supporters

If you hold one of these accounts, it will otherwise continue to operate as usual. You can withdraw money as you do now, with no notice period. Interest will be credited in line with the terms and conditions of your account and the rates will not vary as a result of this change. You may also close the account at any time.

Why are we making this change?
This action has become necessary due to the continuing effects of the all-time low interest rates set by the Bank of England and the subsequent reduction in savings interest rates generally. It is therefore no longer sustainable to continue to accept additional deposits into these accounts.

You can be assured that your money continues to fund low-carbon homes, affordable housing and healthy communities, bringing the vision of a fairer, more sustainable future closer to becoming a reality as we continue to build a greener society. Read more about the projects your money supports here.

Can I still save with Ecology?
You will still be able to add to your savings with Ecology after this date, via our current range of accounts, which are available for new applications:

  • Easy Access; 90-Day Notice; Ecology Cash ISA; Regular Savings

To find out more click here.

What do I need to do?

If you wish to keep your savings in your existing accounts, no action is required other than the payment changes outlined below.

If you currently pay into your accounts via Direct Debit
If you currently pay into your savings accounts via Direct Debit, please note that the final payment will be collected at the start of July. After this we will cancel your Direct Debit and no further payments will be collected.

If you currently pay into your accounts via standing order
You should cancel any standing order payment into your savings accounts that are due to be made after 8 July 2021. If standing order payments to your account are received after this date, Ecology will return the amount to the account from which it was sent.

Making a one-off payment into your accounts before 8 July
If you wish to make a payment into your savings account, it must be received by us no later than 8 July 2021. If we receive a payment into your account(s) after this date, the amount will be returned to the account from which it was sent and, if applicable, any cheques will be securely destroyed.

If you are unsure how to make a payment, click here and head to ‘How can I pay money in?’.

We have written to holders of these accounts with details of the changes. Should you have any further questions, please contact the Savings Team on [email protected] or 01535 650 770 and we will be happy to help.

Published: 25 June 2021

Author: Chris Meadows