Foundations Cash ISA
We're accepting applications for our Regular Savings, Easy Access and 90-Day Notice accounts. We aren't currently accepting applications for our other savings accounts, but if you already hold one it will continue to operate as normal.
- Variable interest rate of 1.10% gross* p.a./AER**
- Minimum interest rate guarantee of 1.00% gross* p.a./AER**
- The minimum deposit and amount to open an ISA is £25
- The maximum ISA allowance is £20,000 for the 2019/2020 tax year
- No-notice withdrawals; however, if a withdrawal is made, the value may only be replaced by further subscriptions where the annual investment limit for the relevant tax year has not been reached.
- A minimum balance of £25 is required in your account
- Monthly savings options
- View your account, request withdrawals and send secure messages via our online service (restrictions apply)
- Operation also available via free First Class Business Reply post
- Interest payable on 5 April
- Statements issued annually in April
- Limited to one ISA per member
- This account is not available for children
- Voting rights available (1)
*All ISA interest is paid tax-free, which means it's exempt from income tax and 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.
- 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.
The information provided in this Summary Box is a summary of the key features of the Foundations Cash ISA and is not intended to be a substitute for reading the terms and conditions that apply to the account.
Account name: Foundations Cash ISA
What is the interest rate?
The Foundations Cash ISA offers a variable rate of interest of 1.10% gross* p.a./AER**
The account carries a minimum interest rate guarantee of 1.00% gross* p.a./AER**
Interest is calculated on a daily basis and credited to your account on 5 April each year.
* All ISA interest is paid tax-free, which means it’s exempt from income tax and 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 mortgage or interest rates generally (including the interest rates paid on similar accounts by other providers of financial services)
• to enable us to manage the difference between the interest rates charged to our borrowers and interest rates paid to our investors, or the providers of funds to us, taking into account the interests of the Society, our members, and your rights and interests as an account holder
• 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.
Where we make any such change, we will act reasonably and we will only make the change if we believe it is fair in the circumstances.
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 1.10% gross, the balance on a £1,000 deposit after 12 months would be £1,011.
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?
Limited to one Foundations Cash ISA per member.
Operation is via Ecology’s online service (restrictions apply) or by free First Class Business Reply post.
The minimum amount to open a Foundations Cash ISA is £25.
The ISA investment limit for the 2019/2020 tax year is £20,000.
The minimum deposit is £25 and the minimum balance required to maintain the Foundations Cash ISA is £25.
You can save monthly by Direct Debit or standing order.
Deposits can be made by transfer via the banking system or by cheque through the post.
Can I withdraw money?
The Foundations Cash ISA is a no notice account.
Withdrawals must be for a specific amount unless the account is to be closed. Accounts can be closed upon request and with no penalty.
If a withdrawal is made, the value may only be replaced by further subscriptions where the annual investment limit for the relevant tax year has not been reached.
Withdrawals should be requested via our online service (restrictions apply). Withdrawals can also 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.
This Summary Box should be read in conjunction with the following leaflets before applying for a Foundations Cash ISA:
• Foundations Cash ISA 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 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 3,000 projects, supporting individuals, charities, environmental businesses and community-led housing organisations to realise their sustainable living ambitions.
In 2018 we lent £38.4 million to support 255 sustainable properties and projects.
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In her mind’s eye, Jenny wanted a self-built home that was simple and beautiful, plain but not austere, with high ceilings and flooded with light from every direction. She also wanted to create a low-energy and low-tech build, constructed from sustainable, locally sourced materials. With the support of an Ecology mortgage, Jenny achieved this ...ReadSee all projects
Nina and Phil’s story: Big love for a smallholding
Project type: Woodlands
Frustrated by the ethos and stresses of many modern businesses, Nina and Phil wanted to do things differently. Their dream of running a sustainable, low-impact smallholding began in 2007. After viewing several parcels of land, the couple identified an inspiring fifteen-acre plot high above the town of Silsden in West Yorkshire. Approaching ...ReadSee all projects
Rob and Karin’s story: The first certified Passivhaus Plus in the UK
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Rob and Karin set out to build a comfortable family home that would improve their quality of life as well as reduce their carbon footprint. They chose the Passivhaus Plus standard for their build, which combines the Passivhaus approach to minimising energy requirements with on-site renewable energy generation. This means that the building ...ReadSee all projects
Irene and David’s story: Converting to Passivhaus
Project type: Conversion
After living happily in a Victorian house on the outskirts of Ripon, North Yorkshire, for 20 years, Irene and David were ready for a change. They wanted a home that was less costly to heat and maintain, in a location that would reduce their reliance on car travel. This is exactly what they achieved. Their new house is an energy-efficient converted ...ReadSee all projects
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 (May/June 2018 issue).
Your eligible deposits with Ecology Building Society are protected up to a total of £85,000 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
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 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:
If you're new to Ecology, we'll verify your identity via electronic searches
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).
- HM Revenue & Customs tax notification
- Letter issued by the benefits agency
- Passport (certified copy)
- UK driving licence (certified copy)
- Bank current account statement
- Building society or bank investment account statement
- 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.
- 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:
- Bank or building society official
- Minister of religion
- Regulated financial adviser or mortgage broker
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.