Ecology up all saving rates by at least 0.75%

Stuart_W

Not sure if they are first off the mark, but today, after the BoE rate announcement,  the Ecology Building Society have announced rate increases that will apply from Monday. Every single savings account is increasing by at least 0.75%, some by more.

Changes to savings interest rates November 2022 (ecology.co.uk)

Wonder if similar increases will be announced soon?

cricidmuslibale

I think it is only fair to say 'Very Well Done Ecology! Thank you very much for being more than fair - in fact for being rather generous in comparison to some much larger and richer savings providers - to all your current savers and also to all those who (like me) will shortly be saving with you in the near future.

Bridlington1

New rates:

Brilliant when you consider you can pay into them by direct debit. Let's hope a few of the others will be this generous with savings rate hikes.

andyhicks88

Commended for passing the full base rate rise on but their easy access, regular saver and Notice offers are still not very competitive. Though their Easy access ISA looks pretty good!

[Deleted User]

They did the same in September albeit it was low to start with - 1.4% to 2.1% and now to 2.85%. Not bad for an easy DD for bank switching and you can pay in just £25 a month to the regular saver, interest paid after December iirc

Stuart_W

I'm very happy with how they quickly move to rate changes. They may not ever be on the market leader very top rates, but as a small society they'd be flooded with applications if they were and would struggle. Always found them easy to deal with and their online provision, whilst very basic does the job to check balances and you can request a withdrawal easily.  They are pretty good in the ethical savings category if you're just looking at Co-op, Nationwide, local societies, credit unions, Triodos etc. but I guess it could all change over the coming months. I do like having a regular saver that continues on and on and doesn't just run for a year or two. 

badger09

andyhicks88 said:

Commended for passing the full base rate rise on but their easy access, regular saver and Notice offers are still not very competitive. Though their Easy access ISA looks pretty good!

I've been with them just over 5 years now, initially due to their choice of deposit methods (DD re switch bonus etc). They've never been at the top of the rate tables but IIRC, never at the bottom. I like their ethos & on the rare occasions I've needed to contact CS, they've been great. I don't even mind their old fashioned OLB, so I guess that makes me one of those 'loyal' customers so often ridiculed or called lazy around here.   

Albermarle

The previous rates were not very good. I assume that other providers had already included some of the 0.75% increase before it actually happened, and therefore will not be passing on the full 0.75% . Might be wrong though. If they do then these ecology rates will not look that good again.

Grouchy

Hope it's ok to append this rather than start a new thread for a very simple question.

I've read through the Easy Access terms and just to check I've understood correctly.

It is possible to open and manage the Easy Access account all online.  The only unusual (to me anyway) aspect is that if you wish to transfer/withdraw an amount, there is a feature in the online dashboard to do this, and you must wait until this is fulfilled.  If this is correct, can someone with an account give a rough idea of how long the request to withdraw to the transfer of monies is.  It seems simple enough.

Thanks

dcs34

Grouchy said:

Hope it's ok to append this rather than start a new thread for a very simple question.

I've read through the Easy Access terms and just to check I've understood correctly.

It is possible to open and manage the Easy Access account all online.  The only unusual (to me anyway) aspect is that if you wish to transfer/withdraw an amount, there is a feature in the online dashboard to do this, and you must wait until this is fulfilled.  If this is correct, can someone with an account give a rough idea of how long the request to withdraw to the transfer of monies is.  It seems simple enough.

Thanks

Basically all of these requests are either manually processed or approved by Ecology staff.

General rule of thumb is 2-3 working days. If you request it early on Day 1 (i.e. before 9am) then it may appear by CoP on Day 2 (i.e. around 5pm).

If you request it later on Day 1, it may get processed Day 2, and arrive Day 3.

adindas

Could anyone shed the light which of this ecology savings allow deposit by DDs ??

I understand the minimum DD is £25, is that correct ??

https://www.ecology.co.uk/hub/savings-rate-change-nov-2022/