Ecology up all saving rates by at least 0.75%

Bridlington1

adindas said:

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/

Easy access account allows DD deposits of £10 or more, The other 3 accounts allow direct debits of £25 or more

MiserlyMartin

Had a look at their website. Seems you can't open any accounts online, you have to print off forms and send in the post. They are supposed to be green and all that but you have to 'waste co2' using your printer, waste paper, more co2 sending it in the post, using trucks, cars etc! The society is probably staffed by a load of tree hugging eco warriors. Waste of time.Yes they put rates up quickly but they were already way too low!

kaMelo

All accounts can be opened online however any DD mandate has to be printed and posted back to them which I suppose raises a question about being eco friendly for the points you raise.
The Ecology BS is never going to offer top rates, that's not what they're about.

Millyonare

Painfully slow and rubbish rates. But friendly customer service and excellent for direct debits.

lohr500

MiserlyMartin said:

Had a look at their website. Seems you can't open any accounts online, you have to print off forms and send in the post. They are supposed to be green and all that but you have to 'waste co2' using your printer, waste paper, more co2 sending it in the post, using trucks, cars etc! The society is probably staffed by a load of tree hugging eco warriors. Waste of time.Yes they put rates up quickly but they were already way too low!

I was able to register online for the Easy Access ISA on Friday morning. Within an hour I received details of my username and a temporary password to access the online banking service.

I am waiting for confirmation that the a/c has been fully set up and will then be able to place money in the ISA from my linked Santander bank account. Cash can be withdrawn using the online system as well.

I don't think 2.7% is shabby for an instant access ISA. Perhaps other banks/building societies will better this in the next few days/weeks, but I suspect it won't be by a great deal. So far, the only institution I am aware of that is offering more is Virgin Money. They have a 3% cash ISA but it is provisional on opening a current a/c with them. I don't want another current a/c.

Ecology are a very small society and I don't think you can expect them to be as quick and efficient as the major players.

That being said, if I don't get confirmation by Tuesday or Wednesday this week, I may reconsider my opinion!!