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 0.80% gross* p.a/AER**.

Interest is calculated on a daily basis and credited to your account on 5 April each year.

* 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 0.80% gross, the balance on a £1,000 deposit after 12 months would be £1,008.

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.

Limited to one Ecology Cash ISA per member.

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 2022/2023 tax year is £20,000.

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

Where the account is opened online, the initial deposit must be made online. For postal applications, the initial deposit can be done by cheque or bank transfer.  All subsequent deposits can be made via bank transfer, Direct Debit or by cheque through the post.  You can save monthly by Direct Debit or standing order.

We do not currently accept ISA transfers in or partial transfers in.

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/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 brochures and leaflets before applying for an Ecology Cash ISA:
• Ecology Cash ISA brochure
• Saving with Ecology – General terms and conditions
• FSCS Information Sheet
• Current savings rates and charges
• Our range of savings accounts
• Savings account identification requirements