90-Day Notice

Important

Please note due to high levels of demand we are not accepting applications for our savings accounts, as a temporary measure. All existing accounts continue to operate as normal.

 

Key Features:

  • Tiered, variable interest rates depending on your account balance as follows:
    £500 - £4,999 0.90% gross* p.a./AER**
    £5,000 - £9,999 1.05% gross* p.a./AER**
    £10,000 - £24,999 1.25% gross* p.a./AER**
    £25,000 - £75,000 1.35% gross* p.a./AER**
  • The minimum amount to open a 90-Day Notice account is £500
  • The maximum investment is £75,000
  • The minimum deposit is £25
  • Withdrawals with 90 days’ notice
  • A minimum balance of £500 is required in your account
  • Operation by free, First Class Business Reply post
  • Monthly savings options
  • View your account and send secure messages via our online Interactive facility
  • Interest payable on 31 December
  • Statements issued annually in January
  • Limited to one 90-Day Notice account per member
  • Option to apply for an account on behalf of a child or in a child’s name (1)
  • Voting rights available (2)

*We pay all savings interest gross, which means that no 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.

1. These accounts can be opened in the child’s name if the child is old enough to understand how to operate an account, or by parents or relatives as trustees for a child. For further information please refer to our Savings account identification requirements leaflet.

2. Voting rights are available to those individuals aged 18 or over whose account balance was not less than £100 between the Society’s previous financial year end (or other date as specified in the Rules) and the date of voting.

 

Further reading
90-Day Notice Summary Box

The information provided in this Summary Box is a summary of the key features of the 90-Day Notice account and is not intended to be a substitute for reading the terms and conditions that apply to the account.

Account name: 90-Day Notice

What is the interest rate?

The 90-Day Notice account offers tiered variable interest rates depending on your account balance as follows:

• £500 – £4,999                0.90% gross* p.a./AER**
• £5,000 – £9,999             1.05% gross* p.a./AER**
• £10,000 – £24,999          1.25% gross* p.a./AER**
• £25,000 – £75,000          1.35% gross* p.a./AER**

Interest is calculated on a daily basis and credited to your account on 31 December each year.

* We pay all savings interest gross, which means that no 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.

Can Ecology Building Society change the interest rate?

We may change interest rates at any time if we reasonably believe that the change is needed for any of the following reasons (which may relate to circumstances existing at the time or those that are expected to apply in the near future):
• to respond to changes in the Bank of England base rate
• to respond to changes in the law or the decision of a court or ombudsman
• to meet relevant regulatory requirements
• to respond to new (or changes to) statements or codes of practice or industry guidance designed to enhance consumer protection
• to reflect changes to our costs in providing the account, including administration costs and costs of providing services or facilities
• to introduce or alter ‘tiers’ of interest where different rates apply depending on the amount in the account.

Any change we make to interest rates will be proportionate to the circumstances giving rise to the change.

For further information regarding interest rate changes including the process for notifying you, please refer to section 7 in our leaflet Saving with Ecology – General terms and conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on an interest rate of 0.90% gross, the balance on a £1,000 deposit after 12 months would be £1,009.

The following projections are based on the minimum balances required to achieve the next interest rate tier:

Based on an interest rate of 1.05% gross, the balance on a £5,000 deposit after 12 months would be £5,052.50.

Based on an interest rate of 1.25% gross, the balance on a £10,000 deposit after 12 months would be £10,125.

Based on an interest rate of 1.35% gross, the balance on a £25,000 deposit after 12 months would be £25,337.50.

This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

How do I open and manage my account?

The 90-Day Notice account is only available to individuals who were members of the Society on 24 March 2016 and have not ceased being a member since this date.

Simply complete our 90-Day Notice application form and return it to us with a cheque from your personal bank account payable to Ecology Building Society re: (your name).

Limited to one 90-Day Notice account per member.

An application form can be downloaded from our website at www.ecology.co.uk  or you can contact the Savings team on 01535 650 770 or email [email protected] in order to request an application form.

Operation is by free First Class Business Reply post and online via our Ecology Interactive facility (restrictions apply). Withdrawals online via Ecology Interactive are not available for this account.

The minimum amount to open a 90-Day Notice account is £500 and the maximum investment is £75,000.

The minimum deposit is £25 and the minimum amount required to keep a 90-Day Notice account open is £500.

You can save monthly by Direct Debit or standing order.

Deposits can be made by cheque through the post or by transfer via the banking system.

Can I withdraw money?

90 days’ notice is required for any withdrawal from your account.

The notice period starts on the date we receive your signed request and we will send you a letter confirming your withdrawal due date.

The minimum withdrawal amount is £250 and withdrawals must be for a specific amount unless the account is to be closed.

Withdrawals should be requested by using one of our Withdrawal/Notification forms or by sending us a letter signed by whoever is authorised to operate the account.

Additional information
This Summary Box should be read in conjunction with the following leaflets before applying for a 90-Day Notice account:
90-Day-Notice-account-leaflet
Saving with Ecology – General terms and conditions
FSCS Information Sheet
Current savings rates and charges
Our range of savings accounts
Savings account identification requirements

Our impact

Our impact isn't about the profit we make – it's about the difference we make to the environment and to communities across the UK.

Since 1981 we've lent to over 2,500 projects, supporting individuals, charities, environmental businesses and community-led housing organisations to realise their sustainable living ambitions.

In 2015 we lent £42.1 million to support 264 sustainable properties and projects.

 

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Ecology Building Society was rated as an ethical Best Buy for our mortgages and savings accounts by Ethical Consumer magazine in its product guide rankings (in issue Jul / Aug 2016).
Ecology Building Society was rated as an ethical Best Buy for our mortgages and savings accounts by Ethical Consumer magazine in its product guide rankings (July/August 2016 issue).

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UntitledYour eligible deposits with Ecology Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk | FSCS Information Sheet

Open an account for a child
In a child’s name

An account can be opened in a child’s name if a parent or relative provides a cheque (drawn on their own personal current account) or by a bank or building society cheque (supported by an investment account statement from the relevant bank or building society) and includes a covering letter, confirming the money is being given to the child and how they are related.

Important note: If an account is to be opened in a child’s name, the child must understand how the account will operate and be able to sign their own name.

The application should be accompanied by three items:

• A photocopy of the child’s birth certificate
• A photocopy of the child’s passport, medical card, school/college ID card or bus/train pass
• An original letter from the child’s school/college, doctor or dentist specifically referring to the child.

On behalf of a child (as a trustee)

An account can be opened by a parent or relative as a trustee for a child if the parent or relative provides a cheque (drawn on their own personal current account) or by a bank or building society cheque (supported by an investment account statement from the relevant bank or building society). Applicants (the parents or relatives) must each have their identity verified as specified for individual’s identification requirements. The application should be accompanied by a photocopy of the child’s birth certificate.

Important 

Please note due to high levels of demand we are not accepting applications for our savings accounts, as a temporary measure. All existing accounts continue to operate as normal.

Identification requirements
Verifying identities helps protect us all from fraud
  • We carry out identification requirements to protect everyone from fraud
  • Where possible, we will first use electronic searches and your personal cheque to confirm your identity
All banks, building societies and financial institutions are required by law to verify the identity of any individual or organisation that opens an account with them. This is necessary to protect the organisation, its members and the public from fraud and also to help combat money laundering. You should note that there may be occasions when documentation over and above that stated here will need to be produced and you will be told if this applies to you.
What we need to verify an individual's identity
Existing member - quote your account number on your application:  If you already have an account with us and quote your account number on your application, we may not need any further evidence of your identity and address. New to Ecology – we'll verify your identity with electronic searches and your first cheque: We will make an electronic search for the purpose of verifying your identity and will also ask you to open your account either with your own personal cheque drawn on your current account or with a cheque from another building society or bank where you hold an account. Please note that in the latter case, we will also need to be provided with a recent account statement from the relevant building society or bank. If this is necessary, it will also count as the Table A item. What we'll need if we request more information: If we need more information, we'll ask you to provide us with two additional forms of identification, one from each of the tables (see below).  
 

Table A

  • Bank current account statement
  • Building society or bank investment account statement
  • HM Revenue & Customs tax notification
  • Letter issued by the benefits agency
  • Passport (certified copy)
  • UK driving licence (certified copy)

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Table B

  • Council tax bill
  • Gas bill
  • Electricity bill
  • Water bill
  • Telephone bill (not mobile telephone)
  • Mortgage statement
  • Credit or store card statement

 

Joint account? You must each have your identity verified. However, both of you may rely on the same items from Table A and Table B if they are addressed to and clearly identify each of you.

Please note:
  • Online statements or downloaded documents cannot be accepted under any circumstances
  • Any documents produced must be current and issued within the last 12 months
  • The identification provided must be from different organisations
  • All original documents will be returned to you when the account has been opened
  • Copy documents are not acceptable, except in the case of passports and driving licences, which must be certified (see below)

Copies of passports and driving licences must be certified by one of the following:

  • Accountant
  • Bank or building society official
  • Doctor
  • Minister of religion
  • Regulated financial adviser or mortgage broker
  • Solicitor
  • Teacher

Certification: The document that is being certified must state 'original seen' as well as being dated and signed. The document should also include the name of the certifier, their profession and full contact details. If the identification is photographic, the certifier must state that 'the photograph is a good likeness of the applicant'. The certifier must not be related to the applicant in any way, or named as a joint account holder.