Ecology Cash ISA

Key Features:

  • Current variable interest rate of 4.00% tax free* p.a/AER**
  • Ethical savings account that helps to support green and sustainable businesses in the UK
  • The minimum amount to open and keep an Ecology Cash ISA is £25
  • The maximum ISA allowance is £20,000 for the 2024/2025 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.
  • View your account, request withdrawals and send secure messages via our online service (restrictions apply)
  • 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.  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. 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.
Ecology Cash ISA Summary Box

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

Account name: Ecology Cash ISA

What is the interest rate?

The Ecology Cash ISA will offer a variable rate of interest of 4.00% tax free* p.a/AER**.

Interest is calculated daily and credited to your account on 5 April each year. If you close the account before 5 April we’ll credit the interest to your account on the day you close it.

* All lSA interest is paid tax-free, which means it’s exempt from income tax and no tax is deducted. 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 4.00% tax free, the balance on a £1,000 deposit after 12 months would be £1,040.00.

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?

Applications for this account can be made online or by posting a completed application form.

The ISA investment will be, and must remain in, the beneficial ownership of the investor and must not be used as security for a loan.

With our online service, you can view your account transactions, send secure messages and request withdrawals.

The minimum amount to open an Ecology Cash ISA is £25.

The ISA investment limit for the 2024/2025 tax year is £20,000.

The minimum balance required to maintain the Ecology Cash ISA is £25.

Deposits can be made by bank transfer, Standing Order, transfer from another Ecology account, transfer from another ISA held with another provider, or by cheque.

To open and maintain an account, you need to be resident in the UK and not resident for tax purposes anywhere other than the UK.

Can I withdraw money?

The Ecology 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). For postal accounts, withdrawals can also be requested by using one of our Withdrawal 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 brochures and leaflets before applying for an Ecology Cash ISA:
Ecology Cash ISA information sheet
Saving with Ecology – General terms and conditions
FSCS Information Sheet
Current savings rates and charges
Savings account identification requirements

How to apply

Applying for an account is simple. We’ll guide you through the process step by step.

1

Register with our online service or log in to your account below

2

Fill in our online application form

3

Start saving for a greener future

Transfer your ISA to us

If you have an ISA with another provider and you'd like to transfer it to us, you can do this below.

1

Register with our online service or log in to your account below

2

Fill in our online application form

3

Start saving for a greener future

How can I pay money in?

You can make payments into your account by bank transfer, transfer from another Ecology account and standing order. You can also pay by cheque. Please see our Terms and Conditions for more information and Product Specific Conditions.

Cheques should be made payable to Ecology Building Society re: your name and the account number needs to be written on the back of the cheque so it is clear who the money is intended for. On joint accounts cheques can be made payable to either account holder.

If you want to transfer funds direct via Faster Payments or CHAPS, your bank will need the following details:

• Destination sort code: 08 90 72
• Destination account number: 70361591
• Account name: Ecology Building Society Investors Deps
• Reference: quote your 10 digit Ecology account number

If your account number is not quoted, the payment will be returned.

Transferring money from a Co-operative Bank account?
The above details are for a collection account that we hold with the Co-operative Bank. Please note, if you hold an account with the Co-operative Bank and are using their online facility to transfer funds into your Ecology account, you will need to use the Co-operative’s ‘bill payment‘ function. This is because it will allow you to quote a reference when making your transfer; without a reference, we may be unable to pay the money into your Ecology account.

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 3,500 projects, supporting individuals, charities, environmental businesses and community-led housing organisations to realise their sustainable living ambitions.

Check out our See Where Your Money Goes map to find out how many sustainable homes and businesses we're supporting in your area right now.

Image: Global Link, an inspiring community-led project in Lancashire supported by an Ecology mortgage. 

 

 

Rated as an ethical Best Buy for our mortgages and savings

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UntitledYour 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. Download the FSCS leaflet for further details or visit www.fscs.org.uk | FSCS Information Sheet