Changes To Our Savings Interest Rates

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From 2 March 2021, we are reducing the interest rate on some of our savings account(s). Tables showing the previous and revised rates are shown below.

These changes have become necessary due to the continuing impact of the all-time low interest rate environment and further reductions in savings rates generally.

We continually review our rates, always aiming to balance the needs of our savers and borrowers as we pursue our mission to build a greener society. As we celebrate Ecology’s 40th year, the need for meaningful impact has never been greater. Your Society is at the forefront of the push for positive change and, through supporting low-carbon homes and healthy communities, the money you save with us is helping to bring the vision of a fairer, more sustainable future closer to becoming a reality. You can read about some of the projects we fund and our award-winning lending for community-led housing here.

We will be contacting account holders directly to let them know about the new interest rates in the coming days. So, if you have an account that is affected by these changes, look out for a letter or an email from us.

The rates for our 90-Day Notice account will change with effect from 2 June 2021 (see table below).

Easy Access, Ecology Cash ISA and Regular Savings (open for new applications)

Before 02 March 2021From 02 March 2021Change
Previous Rate
(% gross p.a.*/ AER**)
Revised Rate
(% gross p.a.*/ AER**)
(%)
Easy Access0.200.10-0.10
Ecology Cash ISA0.450.30-0.15
Regular Savings1.100.80-0.30

90-Day Notice account (currently available only to existing Ecology members as at 7 February 2020 and have continued to be members since this date).

Before 02 June 2021From 02 June 2021Change
Previous Rate
(% gross p.a./ AER**)
Revised Rate
(% gross p.a./ AER**)
(%)
90-Day Notice
£500 - £4,9990.350.25-0.10
£5,000 - £9,9990.500.35-0.15
£10,000 - £24,9990.700.45-0.25
£25,000+0.800.55-0.25

Treasurers’ Deposit (not open for new applications – existing accounts continue to operate as usual)

Before 2 March 2021From 2 March 2021Change
Previous Rate
(% gross p.a.*/ AER**)
Revised Rate
(% gross p.a.*/ AER**)
(%)
Treasurers' Deposit0.200.10-0.10

 

* All ISA interest is paid tax-free, which means it’s exempt from income tax. We pay all non-ISA savings interest gross, which means no income 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.

Please note: If you hold an account which isn’t listed above there is no change to the interest rate on your savings account(s) at this time. 

 

 

Published: 5 February 2021

Author: Jennifer Whiteside

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