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Triodos Bank launches UK's first Ethical Junior ISA
Ethical Junior Cash ISA launched at 2.01% AER (2% gross)
27-02-2012 | Ethical Junior Cash ISA launched at 2.01% AER (2% gross)
13% of parents/grandparents plan to use JISA allowance next tax year
Savers urged to use £3.7 billion JISA savings to help people, society, and environment
Triodos Bank, the UK's leading ethical bank, has launched the first ethical Junior Cash ISA to respond to demand for ethical saving vehicles. At 2.01% AER, the Junior Cash ISA is available today and can be opened with as little as £1.
Research from Triodos Bank reveals one in eight parents / grandparents (13%) plan to pay into a JISA next tax year. The average amount they plan to save into the JISA next year is £1,017 - that's a total of £3.7 billion* that could be used to help society and environment if saved in an ethical bank like Triodos.
Saving in what you believe in
Triodos only lend their savers’ money to people and organisations who are working
to make a positive impact, like Jamie's Farm. This family run project that acts as a catalyst for children to make positive changes, by providing a unique combination of family, farming and therapy.
Those that have saved into a JISA already this tax year, or plan to save next year, hope their children or grandchildren will put the money to good use once they turn 18. Nearly a fifth want their child/grandchild to maintain the tax free savings habit, and continue saving into an ISA at 18 having built up a tax-free pot in their JISA. Over a third (34%) are hoping the child will use it for university. Almost a third (32%) would like the money to be used for a house deposit, and 19% would like it to go towards travelling. Many parents already know their child will end up taking out credit, as one in ten foresee the money saved being used to pay off future debts.
Huw Davies, Head of Personal Banking at Triodos Bank, said : "We are very proud to offer the UK’s first ethical Junior Cash ISA, and to give parents and grandparents the option of saving ethically for the next generation. More and more savers are beginning to question their bank’s ethics and how money is used when on deposit. With a new Junior cash ISA ethical saving option there is no better time to act on their concerns and save for their children’s future in a better way. We believe parents should encourage children to save for the future and also educate them about how their savings can be used to make a positive change in the world they’ll grow up in.
"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 for your children in our Junior Cash 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."
Via the website
Via the 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. In contrast to the opaqueness of more mainstream banks, Triodos publishes to its customers exactly how their money is being used.
Notes to editors
* 1141 / 2019 respondents are parents = 56.5%
56.5% of total population is 27,753,365.
13% of parents plan to save into a JISA. = 3,607,937
3,607,937 x £1017 = £3,669,271,929
All calculations estimate the size of the UK adult population (aged 18+) at 49,121,000 (ONS 2008 based population projection statistics for 2010)
For more information, comment or a case study, please contact:
020 7566 9731
The 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.
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.