Ecology Building Society passes £100m savings milestone
Ethical savings and green mortgage provider Ecology Building Society has announced a significant achievement in its 31 year history, with savings balances exceeding £100m for the first time. The milestone, announced at the start of National Ethical Investment Week 2012, is further evidence of a shift towards more responsible, socially useful models of finance
Ecology's Chief Executive, Paul Ellis, commented: The events of this year have shown that the financial crisis is far from over. As we learn more about the irresponsible behaviour of the big banks, ordinary people are looking for an alternative that fits with their values.
Our savers tell us they trust us with their money because we're transparent about how we use it: to fund projects and properties that are good for people and the planet. They want the reassurance of knowing where their money goes and they value our simple, fair products which treat all members equally.
Our mutuality adds another ethical dimension - we're owned by our members and put their needs first. By joining Ecology, you become part of a something bigger than yourself: a community of people using their money to build a better future.
Ecology's announcement comes just a few months after revelations about the LIBOR scandal and mis-selling of interest rate hedging products by major banks, creating a wave of popular support for alternative financial institutions. Ecology works with the Move Your Money campaign and has called for wholesale reform of the financial system so that banks put responsibility and ethics at the centre of their operations.
Account openings for the first half of the year were up 33% on 2011, with the Society's interim results showing continued asset growth of 3.06% to £106.62m. Ecology continued its longstanding commitment to never pay less than 1.00% to savers, while eschewing bonus or introductory rates which exploit existing members. All savings and mortgage interest rates have held steady since January 2010, reflecting Ecology's simple, fair and transparent approach.