Good Egg awarded 2019
Renewed 2020
Renewed 2021
Renewed 2022
Renewed 2023
About Ecology Building Society
Ecology Building Society is dedicated to building a greener society by providing mortgages for properties and projects that respect the environment and support sustainable communities, funded through its range of simple, transparent savings accounts.
It began in 1981 through the efforts of a group of like-minded people committed to building a more sustainable future. To achieve this they decided to form a building society that could help finance environmental building renovations and support sustainable development.
Since then, Ecology has expanded the reach of its lending, but remains committed to its mission and ethical principles.
Summary of findings
The Good Egg criteria is divided into industry/ customer impact, environmental and social.
Ecology was ranked by Ethical Screening and the Good Egg panellists as having a “high positive impact” overall.
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Read the full report here
Industry/ Customer impact findings
- As a building society owned by members and a member of the Global Alliance for Banking on Values, Ecology states that it is ‘committed to fairness in the provision of financial services.’
- Savings accounts are accessible to all regardless of income.
- No reversionary rates on mortgages (i.e. where a fixed savings/mortgage rate is offered for a fixed period of time and subsequently reverts to a lower savings rate/higher SVR rate at a later date)
- Under the Government’s Community Investment Tax Relief (CITR) scheme, Ecology’s loan of £500,000, has enabled Co-operative and Community Finance to provide support to projects across the country.
Environmental findings
- Ecology only provides mortgages to projects which have positive environmental impacts. Most projects meet stringent green building standards and energy efficiency targets.
- Measures the carbon footprint of all activities, as well as independently auditing its own environmental management on site.
- Renewable energy supplied by Ecotricity plus 2 Solar PV arrays for onsite electricity generation and 1 solar thermal array for heating water.
- Ecology has invested in a variety of sustainable energy projects, including a scheme to install solar PV systems on social houses in Berwickshire and the UK’s first geothermal power plant in Cornwall.
- Supported the Carbon Co-op’s ‘Warmer Homes, Take Control’ programme in North West England in 2018 to help homeowners insulate draughty older properties.
Social findings
- Ecology works with social housing providers and charitable trusts to provide quality, energy efficient, affordable housing.
- Leading provider of finance for the community-led housing sector which typically places improving housing affordability as a priority. For example, ecology was the main provider of residential mortgages for the permanently affordable London Community Land Trust homes at St Clements in London, providing homes which are pegged to local wages in perpetuity.
- In 2018 support for social housing included housing co-ops in Brighton, Bristol, Glasgow and Machynlleth
- Ecology has also partnered with the Turner Prize winning Granby 4 Streets Community Land Trust in Toxteth, Liverpool to provide mortgages for residents of low cost affordable homes which have been renovated and brought back into use.
- Ecology also supported the development of the Housing Associations’ Charitable Trust’s (HACT) new toolkit, which was launched in March and is helping local authorities and housing associations to implement community-led housing solutions.
Internal policies
- Ecology runs a fair pay policy which includes Living Wage accreditation (including contractors) and a commitment that the highest salary should not exceed the lowest salary by a ratio of more than eight times.
- Although not legally required to do so, Ecology also publishes a modern slavery statement.
- In 2018, Ecology staff gifted hours from their working days and from their own time, to a range of community organisations that included local foodbanks, youth sports groups, Girlguiding UK, a local school and a family support organisation.
- Ecology has donated £14,000 through sponsorship and events to further the building society’s ‘greener society’ mission.
Quotes from panellists
Fionn Travers-Smith, ethical banking activist and consultant: “Ecology has long been a leading light of the ethical and alternative banking movement, and it’s a pleasure to see the building society continue to uphold that legacy and deliver genuinely impactful and value added services for a range of customers. Ecology is a brilliant example of what a Good Egg institution should be all about.”
John Fleetwood, founder and director of 3d Investing: “I’ve known and worked with Ecology Building Society for a long time and in my opinion they make a very worthy addition to the list of Good Eggs.”
More about Ecology from Good With Money:
Ecology Building Society breaks own lending and savings records