Ecology Building Society: Online access update

Stuart_W

The Ecology Building Society have had a rather radical update to their online access and also have a new app.

Once registered on the new system, all savings accounts now have their own sort code and account number (previously a 10 digit account number was quoted as a reference with any bank transfers into their main Co-op Bank account).

Transfers in and out are now much quicker, previously they were processed manually within 1 working day. The app offers notifications for money in/out.

Whilst it remains the case that withdrawals can only be made to your nominated account, a new feature is payments IN to savings accounts using the new sort code and account number must come from your nominated account too - if it is from elsewhere it gets instantly returned.

My membership of Ecology goes back to 1995 and the days of handwritten passbooks. This is quite a leap from the last online system and puts Ecology on a good footing for the future.

It will remain focussed on long term sustainable goals, so won't ever be a destination for rate-tarts, but thought folk might like to know Ecology can now be used for simple savings accounts more easily.

Albermarle

I think many of the smaller savings providers have upped their game in recent times.

I recently made a deposit with Aldermore. You still have to pay into their Barclays account with a reference.

In the past took a day to appear on your account, then more recently 2 or 3 hours ( assuming it was in working hours) . With this latest deposit, I got e mail confirmation it was in my account in 5 minutes !

ircE

One further improvement is that there is no longer a minimum withdrawal of £10. I was able to transfer out £3 via the app. I don't yet know if the minimum has been reduced or removed completely. as been removed.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81944955#Comment_81944955

I withdrew 22p from their regular saver the other day so whatever the limit is it's less than £1.