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A fair, transparent and sustainable current account

"Why are we being asked to pay £3 per month for the Triodos Current Account when other banks offer everyday banking for free?"

This was the question put to Huw Davies, our head of retail banking, when he met up with Triodos Bank customer and TV presenter Natalie Fee for a coffee earlier this month.

Debunking the free banking myth

During the wide-ranging conversation, which you can watch above, Huw described the idea of free banking as a "myth". He recalled how when designing the current account, the team quickly concluded "free banking" was not compatible with Triodos Bank’s core principles of fairness, transparency and sustainability.

He said: "We’re actually really proud we’re charging this fee, which might sound a bit strange, but the reason I say that is because we think free banking is a myth in the UK. It really isn’t free, because the banks need to cover the costs of providing these services."

Huw went on to explain how banks use, often complex, hidden fees and high penalty charges to subsidise the running of these accounts.

"The big banks do make a lot of their revenue through unarranged overdrafts which is when people unexpectedly mismanage their finances and it is often the people who can least afford it who do get themselves into those situations," he continued.

During the conversation with Natalie, Huw described the prevalence of free current accounts in the UK as an anomaly. "If you look across most of Europe, and the United States as well, it’s very common to have a regular fee for having a current account. It’s just expected."

Until the launch of the Triodos Current Account, the notion of free banking had been embedded as a largely unchallenged, standard practice in the UK for the last 30 or so years.

"We really wanted to do something different," said Huw.

The result is a fair, transparent and sustainable current account. We feel it's the way all current accounts should be.

For more detailed information about the Triodos Current Account including details of the fees and charges click here

If you’re not registered to apply for the Triodos Current Account click here for more information

Find out more about the Triodos Current Account

If you’re not registered to apply for the Triodos Current Account click here for more information

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