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Triodos Bank welcomed record new customers
Significant increase against 2011
- Triodos Bank welcomed record new customers in 2012 - 260% increase against 2011
- 28% of people plan to open a new bank account in the next year
- Triodos Bank offers a range of ethical savings accounts including ISAs
The period of record growth for ethical, alternative and challenger banks looks set to continue in 2013, according to new research.
The figures* from Triodos Bank show 28% of people are planning to open a new bank account in the next year. With growing numbers of people choosing to move their money away from the 'big five', and just 17% of people currently holding an account with an ethical bank or building society, these banking alternatives look set to reap the rewards of this shift in opinion after a tough 2012 for mainstream banks.
"I like knowing that my money is being used for beneficial purposes and has a positive impact on society."
Saver Eleanor Harries, who moved her money to Triodos Bank.
Ethical bank Triodos Bank reported a 260% increase in new customers in 2012 against 2011.** And, following the recent round of cuts in savings rates at high street banks, Triodos Bank's rates are competitive meaning people no longer have a premium to pay for choosing to do something good with their money.
'Huw Davies, head of personal banking at Triodos Bank, commented. 'Our figures tell us that in 2012, banking customers simply had enough of a whole range of issues, from bonuses, to excessive profit, to other scandals, and are now minded to want their money to do good in 2013, rather than continuing to support high street banks.'
When people were asked about their reasons for not planning to open a new account this year just 3% say they trust their bank. And 28% of people who don't think their bank has their best interests at heart consider their bank is too focused on short term profit over long-term strategy and a further 18% think their bank is irresponsible with the money they entrust to it.
Davies added: 'People have now realised how easy it is to make a small change and put their money where their mouth is to show their dissatisfaction with the high street banks. They have started to look for options where they benefit from a competitive rate, have good customer service, but also where they can feel good about their bank and how it does business, including how it uses savers' deposits. With significant recent changes in savings interest rates, alternative options now compete on rate as well as 'ethics'.
Saver Eleanor Harries, who moved her money to Triodos Bank earlier this year, said: "I wanted my money to be put to a good use, rather than risk it being used to fund the arms trade or be used to support companies that are involved in environmentally damaging activities. The thing that made me move my money is that I'm more interested in helping to make the world a better place than getting the best-available return on my savings. I like knowing that my money is being used for beneficial purposes and has a positive impact on society."
Triodos Bank uses money consciously to help achieve positive social, environmental and cultural change. It only lends its savers' money to people and organisations who are working to make a positive impact on society and the environment. Via the website www.knowwhereyourmoneygoes.co.uk people can see exactly how their money is being used. Customers include the solar electricity installation at Glastonbury's Worthy Farm, Hugh Fearnley-Whittingstall's River Cottage, green power company Ecotricity and more than 800 other sustainable enterprises.
For further information, case studies or interviews, please contact:
Lisa Stanley, firstname.lastname@example.org 0117 980 9721 / 07983 002013
Will Ferguson, William.email@example.com 0117 980 9770 / 07899 965640
Faye Holst, firstname.lastname@example.org 0117 980 9584 / 0755 778 5167
* Research conducted by Opinium Research among 2012 UK adults (aged 18+) between 25th and 28th July 2012. Weighted to a nationally representative criteria.
** based on Triodos Bank internal customer account data.
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.