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Savers have less than two weeks to use their ISA allowance

Sustainable bank Triodos offers expanded cash ISA range with competitive rates

26-03-2013 |

  • Ethical Fixed Rate ISA paying 2.1% AER  over two years and 2.3% AER* over three years**
  • Savers urged to take a small step and make their cash ISA savings work harder to help society and the environment - just a small proportion of last year's £38bn*** cash ISA subscriptions could make a real difference

With less than two weeks left before the end of the tax year, Triodos Bank is calling on savers to consider whether they could be using this year's ISA allowance to have a more positive social and environmental impact.

The Bank offers a range of competitively priced ethical cash ISAs , and this year added year two fixed rate ISAs which pay 2.1% AER over two years and 2.3%** AER over three years. The Triodos Bank fixed rate ISAs can be opened with as little as £1.

Huw Davies, Head of Personal Banking at Triodos Bank, said: "People are beginning to realise that what they do each day in their lives can make a difference to the world around them, from where they buy their food, to where they deposit their money. More and more savers are beginning to question their bank's ethics and how money is used when on deposit and we hope more people start to recognise that small acts can bring big change, including when it comes to finance.

Triodos Bank's range of ethical ISAs now includes:

Research**** from Triodos Bank proves that more and more people are already taking small steps to live their lives more sustainably and it wants to encourage people to think about the positive social and environmental impacts they could have if they added saving ethically to this list of small but powerful actions.

The research shows that, over the past year, 39% of people have increased their recycling, 16% have started shopping more locally, 15% are using their car less, 11% have increased their charitable donations and 10% have started buying more organic or fairtrade food.

Huw added: "There has never been a better time for people to act on their concerns about their bank's ethics and start feeling good about saving with a bank with an ethical approach.

"At Triodos Bank, our savers will always know exactly how we are using their money, and that it is only financing organisations delivering a positive environmental, social or cultural impact. Saving in a Triodos Bank ISA not only means you get a good financial return, but also peace of mind that the money you are saving is making a positive difference to people, society, and environment."

Customers can see exactly how their money is being used on Triodos' website, www.knowwhereyourmoneygoes.co.uk Savers can see the projects their deposits are funding, such as the solar PV installation at Glastonbury's Worthy Farm, Hugh Fearnley-Whittingstall's River Cottage, green power company Ecotricity and more than 1,500 other sustainable enterprises.

Notes to editors

* Rates correct as of 14 February 2012. Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and compounded once each year. Tax-free is the contractual rate of interest payable where the interest is exempt from income tax. The favourable tax treatment for ISAs could change. Interest rate is calculated daily and paid six monthly. Except for the Fixed Rate ISA where interest is paid annually and at maturity .Interest rate is variable.
** Withdrawals are not allowed. Early closure or full transfer out permitted
subject to a charge equivalent to: 2 year term - 180 days interest and 3 year term - 270 days interest. The charge will be taken from the account balance, so you may get back less than originally deposited.
***£38bn cash ISAs April 2012 according to TISA / HMRC http://www.tisa.uk.com/statistics/44_201204B.pdf
****2015 people were interviewed online on behalf of Triodos Bank by Opinium Research between 29 and 31 January 2013. Research conducted by Opinium Research among 2015 UK adults (aged 18+) between 29th and 31st January 2013. Weighted to a nationally representative criteria.

For more information, comment or a case study, please contact:
Will Ferguson, william.ferguson@triodos.co.uk   0117 980 9770 / 07899 965640

About Triodos Bank
Triodos Bank only finances enterprises which create social, environmental or cultural added value. Key sectors include organic food and farming, renewable energy, social housing, and fair trade. Transparency is a core value and Triodos publishes details of every business it lends to.  A range of personal savings accounts is offered, and full banking services are available for businesses and charities. Triodos Bank is an independent bank founded in the Netherlands in 1980. Its principles and independence are protected through a special shareholding trust. The UK office opened in 1995 and is based in Bristol.

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