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ecology Building society

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steelman99
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ecology Building society

#383977

Postby steelman99 » February 5th, 2021, 10:22 pm

Recived an e-mail from Ecology building society changing their T&C from 6th April , whilst most of them are the usual changes of words ect , one that I noticed was that they could restrict or stop the paying in of funds to existing accounts if it was in the interest of the society.

As a lot of their older accounts have a minimum gaurenteed interest rate of 1% - with the present interest rate situation this is better than most for instant access. If you have one of these accounts and intend to take advantage of the 1% interest , might be worth making sure the funds are in before 6th April.

DrBunsenHoneydew
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Re: ecology Building society

#384368

Postby DrBunsenHoneydew » February 7th, 2021, 9:38 am

steelman99 wrote:Received an e-mail from Ecology building society changing their T&C from 6th April , whilst most of them are the usual changes of words ect , one that I noticed was that they could restrict or stop the paying in of funds to existing accounts if it was in the interest of the society.

As a lot of their older accounts have a minimum guarenteed interest rate of 1% - with the present interest rate situation this is better than most for instant access. If you have one of these accounts and intend to take advantage of the 1% interest , might be worth making sure the funds are in before 6th April.

Thanks for explaining that - it rationalises two things for me:
1.) I wondered what it might have been about when I read that (as a relatively new member I wasn't aware of that guarantee - it doesn't seem to apply to my Regular Saver as far as I can tell)
2.) I'd noticed that they were still bizarrely offering 1% on virtually all their 'accounts no longer available to new applicants', when it seems that every other institution has slashed their equivalent accounts.

DrBunsenHoneydew
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Re: ecology Building society

#384380

Postby DrBunsenHoneydew » February 7th, 2021, 10:13 am

The accounts which have the 1.00% guarantee are: Charity Deposit Trust; Corporate Deposit; Earthwise Cash ISA; Earthwise Cash ISA (ex-TESSA); Eco-Instant; Eco-60; Foundations Cash ISA; Foundations Deposit; Foundations Share; Foundations Supporters; Ordinary Deposit; Ordinary Share; SIPP.

steelman99
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Re: ecology Building society

#422703

Postby steelman99 » June 26th, 2021, 10:01 pm

Just recived a letter from Ecology and it looks like the cut off date for deposits into the accounts with a minimum 1% interest rate is 8th July , after that you cant make any more deposits , if you wnt to put money with ecollogy you have to opn a new acount at 0.10 %
least they arnt closing them down

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Re: ecology Building society

#423083

Postby Gan020 » June 28th, 2021, 10:36 am

Commercially, they haven't much choice here. The 1% rate is out of alignment with the rest of the market and with an extended period of time for low interest rates they couldn't hold this forever.

I am surprised they haven't moved on this before. They've clearly been trying to do the best they can by their long term savers but it wasn't sustainable.


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