Ecology building soceity

ahai1

I am considering putting money in there. Are they any good?

john_s_2

Their interest rates are pretty poor - or average at least. But I'm assuming that's not your main priority?

As far as I can tell your savings would be protected by the FSCS.

What else do you want to know?

ahai1

I know the basics but I was looking for things like customer service.

Stuart_W

I have been a saver with Ecology since 1995. Can't fault any aspect of customer service. They certainly come under the "small enough to care" size of company.

They are a small mutual ethical building society and will often uniquely lend on ecologically important but less conventional properties that other lenders sometimes will not touch.

They also have a grass roof on their building and a meeting room made from straw bales. :A

Your money is fully protected, as with any other building society, if problems arise.

They've never had market leading rates, but if you're motivated to save or borrow with the ecology, then you have other priorities, which I applaud.

Unfortunately, they have yet to develop the biodegradable mortgage!

As a saver, you can make payments in to your account by bank transfer or freepost address to send cheques to. You can also request a paying in book that works at the Co-operative Bank if you prefer.

ahai1

What kind of building society are they? The reason I ask is that the other big players in the ethical sector are banks for example Co-op, Triodos.

ahai1

I got the information from them today and I have a number of questions.

1. Which one is the best account? I want a saivngs account but I don't want to put £500 in and I already have a ISA with charity bank.

2. I am filling in the share account application form but it's confusing as it is written for invadual savers, trustees and joint savers but not very clearly.

3. How do I write a cheque to myself for the ecology building society?

4. This is the biggest hurdle. If they cannot electronically verify my ID then I cannot provide anything from table B as I live with my parents. Also I am a bit confused do they want me to send in my idnetity stuff now or later? It is easier to open an account with Triodos, charity bank or a charity account with the former catholic building society.

I am having second thoughts.

john_s_2

Sounds like too much hard work.

If the reason you're happy to accept lower rates is because of their 'green' credentials then why not open an account with a better paying savings provider and donate the extra interest you receive to a charity of your choice?

ahai1

I would have perferred this way because it is easier and I have done this in the past but they are one of the worst account openers I have come across.

Stuart_W

ahai1 wrote: »

I would have perferred this way because it is easier and I have done this in the past but they are one of the worst account openers I have come across.

Did you phone up and ask someone any of the questions you have posed? I have always found them very courteous and friendly over the phone, able to help with any questions. I'm sure you would have got a straight forward answer.

1. "Best" account depends on what you're looking for. If you already have a cash ISA and you're not transferring it, you can't open another one this tax year. The Eco-Instant account is their straight forward basic savings account (although the ordinary share account currently has the same interest rate). If you have less than £500, the 60-day notice account option isn't for you.

2. Phone up and ask about any parts of the form you're confused about. They will talk you through it.

3. This can be answered directly from the application form and the website: Cheques should be made payable to Ecology Building Society (or simply "EBS") followed by your name or names (for example: EBS re John and Jane Smith).

4. I managed to open my account when I was living with my parents. There will be a way round not having any bills in your name the prove address. I would again suggest the advice from the application form and website:

[FONT=Profile-Regular+T42+DXNLOR][FONT=Profile-Regular+T42+DXNLOR]If for any reason you are unsure about our identification requirements, please ask the Society for guidance. You can contact us on 0845 674 5566 (local rate).[/FONT]

[FONT=Profile-Regular+T42+DXNLOR]Hope this is helpful. [/FONT]

[/FONT]

ahai1

I have used other ethical banks and I have not had the need to phone them up. I think that when you phone up a financial organisation for basic stuff due to poor literature that kind of stuff then no matter how good the customer service is you are wasting time and money.