Regular Savings

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:

  • Variable interest rate of 1.75% gross* p.a./AER**
  • Available to individuals and trustees (1)
  • The minimum amount to open a Regular Savings account is £25
  • The maximum investment is £3,000 per calendar year
  • You can save between £25 and £250 a month by Direct Debit
  • Limited to two withdrawals per calendar year
  • Limited to two missed payments per calendar year
  • A minimum balance of £25 is required in your account
  • Operation by free, First Class Business Reply post
  • View your account online via our Interactive facility (restrictions apply), request withdrawals and send secure messages (restrictions apply)
  • Interest payable on 31 December
  • Statements issued annually in January
  • Limited to one Regular Savings account per member
  • Option to apply for an account on behalf of a child or in a child’s name (2)
  • Voting rights available (3)

*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. Where the trust account is subject to a formal trust document, accounts will only be accepted where a trustee or beneficiary has been a member of the Society for the previous twelve months.

2. 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.

3. 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
Regular Savings Summary Box

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

Account name: Regular Savings

What is the interest rate?

The Regular Savings account offers a variable rate of interest of 1.75% 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 monthly deposit of £250?

Based on an interest rate of 1.75% gross, the estimated balance on a monthly deposit of £250 after 12 months would be £3,028.39.

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?

Simply complete our Regular Savings account application form and return it to us with a completed Direct Debit mandate from your personal bank account.

Limited to one Regular Savings 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).

You can save between £25 and £250 a month by Direct Debit with the maximum investment being £3,000 per calendar year.

Only one monthly Direct Debit can be set up and we will collect payment from your bank account on the second working day of each month.

The minimum amount required to keep a Regular Savings account open is £25.

If you miss more than two payments in a calendar year we will close your account and transfer the whole balance, including accrued interest, to an Easy Access account.

Can I withdraw money?

As there is no notice period with the Regular Savings account, you have unrestricted access to your funds, however, only two withdrawals are allowed in a calendar year. If you make three withdrawals in a calendar year we will close your account and transfer the whole balance, including accrued interest, to an Easy Access account.

The minimum withdrawal amount is £25 and withdrawals must be for a specific amount unless the account is to be closed. Accounts can be closed upon request and with no penalty.

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. Withdrawals can also be requested online via our Ecology Interactive facility (restrictions apply).

Additional information
This Summary Box should be read in conjunction with the following leaflets before applying for a Regular Savings account:
Regular Saving 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 a Regular Savings 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 completed Direct Debit mandate from an account held in their name 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 completed Direct Debit mandate from an account held in their name. 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 Direct Debit mandate 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 Direct Debit mandate: We will make an electronic search for the purpose of verifying your identity and will also ask you to open your account with a Direct Debit mandate. 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.