Changes To Our Savings Interest Rates
16 April 2020From 4 May 2020, we are reducing the interest rate on some of our savings account(s). A table showing the previous and revised rates are shown below.
These changes have become necessary following the unprecedented impact of the coronavirus outbreak and the actions taken by the Government and Bank of England to manage the subsequent disruption.
We continually review our mortgage and savings rates, always aiming to balance the needs of our savers and borrowers while pursuing our mission to build a greener society as well as promoting awareness of the urgency of the ecological and climate crises. As an Ecology member you can be confident that the money you save is providing essential support for projects that respect the environment and enable sustainable communities to flourish. You can read about some of these projects and our award-winning support for community-led housing at ecology.co.uk/projects.
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 3 August 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.
You can read about some of these projects and our award-winning support for community-led housing by clicking here.
Accounts for which we are currently accepting new applications
| Before 04 May 2020 | From 04 May 2020 | Change | |
|---|---|---|---|
| Previous Rate (% gross p.a.*/ AER**) | Revised Rate (% gross p.a.*/ AER**) | (%) | |
| Easy Access | 0.85 | 0.35 | -0.50 |
| Ecology Cash ISA | 1.10 | 0.60 | -0.50 |
| Regular Savings | 1.75 | 1.25 | -0.50 |
Accounts for which we are not currently accepting new applications (these continue to operate as usual for existing account holders)
| Before 04 May 2020 | From 04 May 2020 | Change | |
|---|---|---|---|
| Previous Rate (% gross p.a.*/ AER**) | Revised Rate (% gross p.a.*/ AER**) | (%) | |
| Earthwise Cash ISA | 1.10 | 1.00 | -0.10 |
| Earthwise Cash ISA (ex-TESSA) | 1.10 | 1.00 | -0.10 |
| Eco-60 Share*** | |||
| £500 - £24,999 | 1.00 | 1.00 | No change |
| £25,000+ | 1.30 | 1.00 | -0.30 |
| Foundations Cash ISA | 1.10 | 1.00 | -0.10 |
| Foundation Supporters | 2.00 | 1.50 | -0.50 |
| Treasurers' Deposit | 0.85 | 0.35 | -0.50 |
90-Day Notice account (available only to existing Ecology members who have continued to be members since 7 February 2020)
| Before 03 August 2020 | From 03 August 2020 | Change | |
|---|---|---|---|
| Previous Rate (% gross p.a./ AER**) | Revised Rate (% gross p.a./ AER**) | (%) | |
| 90-Day Notice | |||
| £500 - £4,999 | 1.00 | 0.50 | -0.50 |
| £5,000 - £9,999 | 1.15 | 0.65 | -0.50 |
| £10,000 - £24,999 | 1.35 | 0.85 | -0.50 |
| £25,000+ | 1.45 | 0.95 | -0.50 |
* 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.
*** If you hold an Eco-60 account, we have reduced the rates on the top tier only (i.e. for balances of £25,000 or over). To support members who may need access to funds in the Eco-60 account during the current coronavirus crisis, there will be no requirement for 60 days’ notice and the interest penalty will be waived until further notice.
Please note: If you hold one of our accounts with our 1.00% minimum interest rate guarantee, this will still apply. The accounts which have the 1.00% guarantee are: Charity Deposit Trust; Corporate Deposit; Earthwise Cash ISA; Earthwise Cash ISA (ex-TESSA); Eco-Instant; Eco-60; Foundations Cash ISA; Foundations Deposit; Foundations Share; Foundations Supporters; Ordinary Deposit; Ordinary Share; SIPP.