Regular Savings Accounts

Important

We are accepting applications for our Regular Savings, Ecology Cash ISA and Easy Access accounts, however, please note we are not currently accepting applications for our other savings accounts. All existing accounts continue to operate as normal.

We are currently experiencing exceptionally high levels of demand for our savings accounts which means it may take longer than usual to process new applications. Our telephone lines continue to be very busy and we politely ask you to call only if absolutely essential.

Key Features:

  • Current variable interest rate of 0.80% 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
  • 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
  • With our online service, you can view your account transactions, send secure messages and request withdrawals
  • Deposits can be made via bank transfer, Direct Debit or by cheque through the post
  • Interest payable on 31 December
  • Statements issued annually in January
  • Limited to one Regular Savings account per member
  • To open and maintain an account, you will need to be resident in the UK and not resident for tax purposes anywhere other than the UK
  • Option to apply for an account in a young person's name or on behalf of a child (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 for a young person aged 16 or 17, or by parents or relatives as trustees for a child of any age. For further information please refer to the section below How to apply if you are under 18 years old.

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 0.80% 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 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 monthly deposit of £250?

Based on an interest rate of 0.80% gross, the estimated balance on a monthly deposit of £250 after 12 months would be £3,013.00.

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?

Limited to one Regular Savings account per member.

Operation via our online service (restrictions apply) or by free First Class Business Reply post (available for postal applications only).

Applications for this account can be made online or by posting a completed application form. For details of how to open an account, please refer to page 2 of the Regular Savings brochure.

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

Where the account is opened online, the initial deposit must be made online. For postal applications, the initial deposit can be by cheque or bank transfer. All subsequent deposits can be made by bank transfer, Direct Debit or cheque.

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

If your monthly payment is less than £250, you can top it up to the value of £250 by way of a bank transfer or cheque.

Please note, if funds received take the monthly payment in excess of £250, these will automatically be returned.

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 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.

Additional information
This Summary Box should be read in conjunction with the following brochures and leaflets before applying for a Regular Savings account:
Regular Savings account 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

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

How to apply if you are under 18 years old
Young person (16-17 years old)

An account can be opened by a young person aged 16 or 17 with a cheque or bank transfer from an account in their name.  You must complete an application form and send it to us. See the section on 'How to apply' below.

Alternatively, a parent/guardian can open an account on the behalf (and in the name) of a young person (16-17 years old) with either:

    • a cheque (drawn on their own personal current account);
    • a bank or building society cheque (supported by an investment account statement); or
    • a bank transfer.

A covering letter that confirms the relation to the young person and declares that the money will indeed be used by the young person must also be provided during the application.  We will need to verify the identity and address of the young person. For details of how this is done, please read the Savings account identification requirements leaflet.

Child (under 16 years old)

An account can be opened by a parent/guardian or relative as a trustee for a child under the age of 16 if the parent/guardian or relative makes an initial deposit from an account held in their name.

Applicants (the parents/guardians or relatives) must have their identity verified in accordance with the information provided in the Savings account identification requirements leaflet. Birth/Adoption certificate (original only), NHS Medical Card or National Insurance notification letter must also be provided during application.

How to apply for a Regular Savings account

Step 1.
Please read all the documents on the right before applying

Step 2.
Tick the box to download the Regular Savings application and Direct Debit forms

Step 3.
Post your Regular Savings application and Direct Debit forms to us - please note, scanned copies are not accepted

Please note our identification requirements
list in case we request more information 

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.

In 2020 we lent £39.3 million to support 230 sustainable properties and projects.

Ecology's Lending Infographic 2020

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, ISAs and savings accounts by Ethical Consumer magazine in its product guide rankings (May/June 2018 issue).

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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. Please click here for further information or visit www.fscs.org.uk | FSCS Information Sheet