The Top Regular Savers Discussion Thread

Andystriker

Ecology

Account opened within 10 minutes and funded within 30 minutes.

Thank you to everyone on this board and to those who alerted us.

I'm very impressed with Ecology as a new customer.

This really is a top top message board.

ToastLady

Ecology

I keep getting "something's gone wrong" both online and app. May well be because I am not in UK at the moment, tried VPN, and still the same. Think I'll have to pass on this one, will be gone by the time I'm back home.

AmityNeon

https://forums.moneysavingexpert.com/discussion/comment/82094589#Comment_82094589

Could be clearer, but it's a very modern system implementation/upgrade, especially for one of the smallest building societies in the country.

You can save up to £200 each month, with a maximum annual amount of £2,400 per calendar year.

"Calendar" year suggests you can make a 13th payment to increase the balance to £2,600 if the payment occurs in the next calendar year. Better wording would be, "You can save up to £200 each calendar month, up to a maximum account balance of £2,400".

masonic

https://forums.moneysavingexpert.com/discussion/comment/82094786#Comment_82094786

There is no "if". Saving £200 each calendar month always results in no more than £2,400 being saved per calendar year. Even if the account was opened some time in January, the 13th payment would be made in January of the next calendar year. If opened in February, March, etc… the balance would not reach £2,400 in the first calendar year.

Chadsman

https://forums.moneysavingexpert.com/discussion/comment/82094513#Comment_82094513

Are deposits allowed from the linked external current account only?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82094799#Comment_82094799

That's what the terms say.

PixelPound

https://forums.moneysavingexpert.com/discussion/comment/82094799#Comment_82094799

From the FAQ

Deposits can be made from your linked bank account by standing order or
bank transfer, or by transferring funds from another Ecology account.

Though it doesn't specifically say not any other method. However it says

Any amount paid in above the £200 monthly limit will be automatically
returned to your linked account. If you do not pay in £200 in a month,
this cannot be paid in future months.

So you can't see them allowing more money from random accounts been accepted and then returned to the linked account.

jaypers

Ecology

Thanks to the OP for this. Just opened and as someone who has worked in IT all of my life, I’m impressed with their set-up, especially as I understand they are quite a small outfit.

Application - Quick, efficient and intuitive (less than 5 mins).

COP - Immediate recognition from my Bank for my new account.

Transfer - Immediate, and I mean instant! Didn’t even need to log out/in to see my £200.

App - Again, simple but does the job.

This is how you do it and I wish them every success with the product.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82094786#Comment_82094786

I'll take back what I said about Ecology's terms being clear. The "calendar year" bit must be a mistake, surely the maximum balance is for the full term of the account and doesn't reset in January.

x44

It will be probably be pulled today - after the staff get into work and find they have had X thousand applications overnight, a third of which need ID checks!