Make money, make a difference
Triodos increases easy access rate as savers vote with their feet
- Triodos Bank's Online Saver Plus now pays a competitive 2.5%, including a 1.5% 12-month introductory bonus
- Banks and money have a role as enablers of positive change, and that's what people want
Leading ethical bank Triodos today increases the rate on its Online Saver Plus product to 2.5%, and offers a real alternative for UK savers to make their voice heard and make a difference while getting a good financial return on their savings.
Interest rate is 2.50% gross/AER variable, including a fixed 12-month introductory bonus of 1.50%.
Up to three penalty-free withdrawals are permitted within a 12-month period. In months where a withdrawal is made in excess of this limit, a rate of 0.1% will be paid for the month.
Charles Middleton, Managing Director at Triodos Bank said: "Individuals can feel powerless in the face of huge challenges, and it isn't always easy to know what we can do differently. I believe strongly that a key change that everyone can make is thinking about how banks use their money and where they choose to put their savings. By switching to ethical banking, savers can make a conscious choice on putting their money to positive use in our society whilse still receiving a good return. They can vote with their feet on the prevailing greed and inequality that we see, and together we can make things happen.
The recent activity in the capital and around the globe highlights the growing sense of frustration people are feeling towards the banking sector. The industry's failure to address fundamental issues about how they operate has seriously damaged people's confidence in their banks and the sector as a whole.
As per recent comments in the media, there is a sense of a whole society paying for the errors and irresponsibility of bankers and of impatience with a return to 'business as usual'.
More and more people are looking at the banks, the very organisations who brought the economy to its knees, and demanding they take an active role in helping to build it back up again.
We strongly believe that banks and money should act as enablers of positive change, but it feels as if we have lost our way as a sector in terms of purpose and potential. We need to see the industry supporting and focusing more on the real economy and its future rather than operating with a primary mission of delivering short-term shareholder returns.
Recent research* from Triodos suggests people feel their banks should have a more positive impact on society. Two thirds (64 per cent) wanted to see more investment in community and social groups and a similar number (62 per cent) would like to see banks doing more to support renewable energy initiatives. A quarter of respondents (25 per cent) want to see greater investment in organic farming and one in five (20 per cent) feel the arts and culture deserve more support from the banking community. At present only a fraction of the money currently lent and invested by the main banks is used to bring about positive change, particularly through SMEs and clearly the banks' customers do not think this is good enough.
Notes to editors:
Triodos Online Saver Plus is available to customers who apply online at www.triodos.co.uk Interest rate is 2.50% gross/AER variable, including a fixed 12-month introductory bonus of 1.50%. Up to three penalty-free withdrawals are permitted within a 12-month period. In months where a withdrawal is made in excess of this limit, a rate of 0.1% will be paid for the month. The minimum deposit is £1 and the maximum is £250,000. Rate applies to account openings from 9 November 2011. Accounts are restricted to one per person. Interest is paid annually.
*Opinium Research conducted research on behalf of Triodos Bank between 26 and 29 August 2011, consulting 2,054 Nationally Representative UK adults aged 18+.
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: customers are informed about the bank's lending: please see www.knowwhereyourmoneygoes.com
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 first UK office opened in 1995. Offices are located in Bristol, London and Edinburgh.
Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales BR3012). Authorised by the Dutch Central Bank (DNB) and regulated by the Financial Services Authority (FSA) for the conduct of UK business. Registered Office: Brunel House, 11 The Promenade, Bristol BS8 3NN.
For further information, please contact:
Jack Ozanne and/or Will Ferguson on: 01179 809721 / 809770.