Ecology Building Society Launches Six Percent Regular Saver

Ecology Building Society has launched a regular savings account that offers six percent interest for 12 months. The Ecology Regular Saver is among the top 10 rates currently available and can be opened with as little as £10.

The account pays a variable rate of six percent gross/AER, which is higher than the Bank of England's base rate of 3.75 per cent. Interest is paid when the account reaches the end of its 12-month term, and customers can deposit up to £200 each month with multiple payments allowed.

Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: 'Ecology Building Society has launched its new Ecology Regular Saver; this will appeal to savers looking to build a healthy savings habit.' The account can be opened and managed online, by phone, by post or through the mobile app.

However, customers cannot make an early withdrawal unless they close the account. Once the 12-month term ends, the money will automatically be moved into an easy-access account paying a significantly lower rate. Savers should review their savings when the regular saver reaches the end of its term to avoid leaving their money in the lower-paying account.