Treasurers’ Deposit

Important

Please note due to high levels of demand we are not accepting applications for our Treasurers' Deposit account, as a temporary measure. All existing accounts continue to operate as normal.

 

Key Features:

  • Variable interest rate of 0.75% gross* p.a./AER**
  • Available to small groups and charities
  • The minimum amount to open a Treasurers’ Deposit account is £25
  • The maximum investment is £75,000
  • The minimum deposit is £5
  • No-notice withdrawals
  • A minimum balance of £25 is required in your account
  • Monthly savings options
  • Operation by free, First Class Business Reply post
  • View your account and send secure messages via our online Interactive facility (restrictions apply)
  • Interest payable on 31 December
  • Statements issued annually in January
  • Limited to one account per group/charity
  • This Deposit account has no voting rights

*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.

 

 

Further reading
Treasurers’ Deposit Summary Box

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

Account name: Treasurers’ Deposit

What is the interest rate?

The Treasurers’ Deposit account offers a variable rate of interest of 0.75% 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 £1,000 deposit?

Based on an interest rate of 0.75% gross, the balance on a £1,000 deposit after 12 months would be £1,007.50.

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?

Please note due to high levels of demand we are not accepting applications for our Treasurers’ Deposit account, as a temporary measure. All existing accounts continue to operate as normal.

Limited to one Treasurers’ Deposit account per group/charity.

Operation is by free First Class Business Reply post and online via our Ecology Interactive facility (restrictions apply). Withdrawals online via Ecology Interactive are not available for this account.

The minimum amount to open a Treasurers’ Deposit account is £25 and the maximum investment is £75,000.

The minimum deposit is £5 and the minimum amount required to keep a Treasurers’ Deposit account open is £25.

You can save monthly by Direct Debit or standing order (the minimum amount payable by Direct Debit is £10).

Deposits can be made by cheque through the post or by transfer via the banking system.

Can I withdraw money?

As there is no notice period with the Treasurers’ Deposit account, you have unrestricted access to your funds.

The minimum withdrawal amount is £5 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.

Additional information
This Summary Box should be read in conjunction with the following leaflets before applying for a Treasurers’ Deposit account:
Treasurers Deposit 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 £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


Important 

Please note due to high levels of demand we are not accepting applications for our Treasurers' Deposit account, as a temporary measure. All existing accounts continue to operate as normal.
Groups and charities required documentation
What unincorporated charities need to open an account
  • An original charity letterhead
  • Provide details of the resolution to open the account and to authorise those who can operate it
  • Registered charities should state their registration number
  • A copy of the charity’s constitution and a copy of a directory entry showing membership of a wider organisation
  • The signatories who will be operating the account will each need to have their identity verified as specified for individuals
  • The initial deposit into the account must be made by a cheque drawn on the charity’s bank account
  • A personal cheque from one of the signatories will only be acceptable if the charity does not have a bank account
What corporate charities need to open an account
  • An original charity letterhead
  • Provide details on the application form of the resolution to open the account and to authorise those who can operate it
  • A copy of the charity’s memorandum and articles of association  and shareholders, if applicable
  • The trustees who will be operating the account will each need to have their identity verified as specified for individuals
  • The initial deposit into the account must be made by cheque drawn on the charity’s bank account
What unincorporated groups need to open an account
  • An original group letterhead
  • A copy of the constitution and a copy of a directory entry showing membership of a wider organisation
  • The signatories who will be operating the account will each need to have their identity verified as specified for individuals
  • The initial investment into the account must be by a cheque, drawn on the group’s bank account
  • A personal cheque from one of the signatories will only be acceptable if the group does not have a bank account
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 personal cheque 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 first cheque: We will make an electronic search for the purpose of verifying your identity and will also ask you to open your account either with your own personal cheque drawn on your current account or with a cheque from another building society or bank where you hold an account. Please note that in the latter case, we will also need to be provided with a recent account statement from the relevant building society or bank. If this is necessary, it will also count as the Table A item. 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.