What do you do? You want to save some money but how can you wade through all of the conflicting claims of the various Building Societies? They tell you how much you can earn with your money, but very rarely do they tell you the cost of your savings. Cost? What do I mean by cost? The ecological cost of investing your money with one organisation or company than with another.
It's all very well saving money for a rainy day, but what if your money is being used to finance a project that you personally might find offensive or you could not agree with?
With the Ecology Building Society, you do not have to worry yourself about that because would be safe in the knowledge that your money is being used wisely and greenly.
So exactly what IS the Ecology Building Society? In it's own words: " The Ecology is a mutual building society dedicated to improving the environment by promoting sustainable housing and sustainable communities. Savings placed with the Ecology fund mortgage lending on: energy efficient housing, ecological renovation, derelict and dilapidated properties, small-scale and ecological enterprise and low-impact lifestyles."
So in a nutshell the Ecology Building Society lends money to green projects that all other building societies would not even have given a cursory glance to.
There are a wide range of products available to suit every type of customer.
Eco60 Account. This is an account for people with a bit of money to invest. The minimum opening balance is £500 and you have to give 60 days notice before you can withdraw any money.
Earthwise Mini Cash ISA. This is an ISA which can be opened with a £25 deposit. Other deposits can be made by cheque or by regular direct debits.
The Eco-Instant Account is declared by the Ecology Building as the most popular account that it operates. It is a tiered rate passbook account.
Ordinary Share Account. This is a tradition Building Society passbook account. (It is the account I hold.)
Charity Deposit Account. This is a special account aimed at charity groups, religious organisations, etc.
Corporate Deposit Account. This is designed for housing co-ops, worker's co-ops, limited companies, etc. It also has a requirement for a minimum deposit of £500.
The Ecology Building Society has only one office in Yorkshire, which helps to keep overheads modest. The building is a very special one, as it is designed to strict environmental specifications with very well insulated walls a roof top Photovoltaic Array and a meeting room that is built from straw bales. Straw bale construction is a technique that is very environmentally friendly and which is very well insulated. The building cause a stir locally as it won the Building of the Yea" award in the 2004 Bradford and District Design Awards. When I first joined the Ecology Building Society it was a very modest affair, but now it has built up its reserves to £55 million. (As at March 2005.)
The staff are friendly, knowledgeable and very experienced. They deal with enquires or requests quickly and efficiently.
To find out more about the Ecology Building Society you can write to them at Ecology Building Society, 7 Belton Road, Silsden, Keighley, West Yorkshire, BD20 0EE.
You can call them on 0845 674 5566 or visit www.ecology.co.uk
Want to turn a derelict cottage into a modern, comfortable, eco-friendly house? The Ecology could help you with a mortgage. Want to buy an ordinary semi-detached house built 15 to 20 years ago? They might not be so keen on that! For the Ecology Building Society really has stood notions of what makes a good lend for a building society on its head!
I know I could possibly get a tiny bit more money by investing in one of the larger building societies, but that's not why I invest with the Ecology Building Society. I like the idea that somewhere, someone is using my money to fund the completion of their green dream and then for them to be able to live that dream as a green reality.
The Ecology Building Society is registered by the FSA.
More details
Quality of Customer Service
Excellent
Reward Scheme
good
Ease of Application
excellent
Evaluate this review
How helpful would this review be to someone making a buying decision? Rating guidelines
