July 2020 Interest Rate Changes for Savings

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From 13 July 2020, we are reducing the interest rate on some of our savings account(s). Tables showing the accounts affected by these changes and the previous and revised rates are shown below.

These changes follow the savings interest rate reductions we made in May 2020 and have become necessary due to the continuing impact of the coronavirus outbreak and changes made to savings rates generally.

At Ecology, the commitment to our ecological mission is at the heart of all our decision-making as we strive to balance the needs of our savers and borrowers. The money you save supports the creation of sustainable communities and projects that respect the environment. Now, more than ever, is an opportunity for us to campaign for the new and determined collaborative action to support the sustainable green recovery that is so essential for the future health of our people, planet and the economy.  You can read about some of the projects supported by the money you save and our award-winning support for community-led housing at ecology.co.uk/projects.

Your society has joined calls for the Government to quickly deliver the economic stimulus required to create green jobs and a just transition to a low-carbon economy, and we are well placed to play our part in the recovery through our environmental lending.

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

The rates for our 90-Day Notice account will change with effect from 12 October 2020 (see table below).

If you hold an account that is affected by these changes and are happy to continue to save at the new rate, you do not need to do anything. However, you may wish to compare alternative savings accounts from Ecology or other providers to make sure your account is the best option for you. If you choose to move your account to another provider Ecology will assist with this.

Accounts for which we are currently accepting new applications

Until 12 July 2020From 13 July 2020Change
Previous Rate
(% gross p.a.*/ AER**)
Revised Rate
(% gross p.a.*/ AER**)
(%)
Easy Access0.350.20-0.15
Ecology Cash ISA0.600.45-0.15
Regular Savings1.251.10-0.15

Accounts for which we are not currently accepting new applications (these continue to operate as usual for existing account holders)

Until 12 July 2020From 13 July 2020Change
Previous Rate
(% gross p.a.*/ AER**)
Revised Rate
(% gross p.a.*/ AER**)
(%)
Treasurers' Deposit0.350.20-0.15

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

Until 02 August 2020From 03 August 2020 and until
11 October 2020
From 12 October 2020Overall change between
26 June and
12 October 2020
Current Rate
(% gross p.a./ AER**)
Revised Rate
(% gross p.a./ AER**)
Revised Rate
(% gross p.a./ AER**)
(%)
90-Day Notice
£500 - £4,9991.000.500.35-0.65
£5,000 - £9,9991.150.650.50-0.65
£10,000 - £24,9991.350.850.70-0.65
£25,000+1.450.950.80-0.65

* 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: 26 June 2020

Author: Laura Baines

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