Triodos Bank has been awarded the coveted ‘Best Buy’ status for personal current accounts by Ethical Consumer magazine – the only bank to do so – alongside joint Best Buy status for its savings accounts.
Triodos was recognised for its transparency and positive investment strategy, which Ethical Consumer noted were ‘stand-out’ and ‘market leading’. Its personal current account rating outranked all the major high street banks, as well as digital-first challenger banks.
The guide scored 31 banks against core ratings on their environmental approach and governance issues such as director pay and tax avoidance. Alongside this, it also looked at the sort of activities each bank is funding and the ethical policies they have in place to prevent the financing of harmful practices.
Ethical Consumer noted that Triodos leads the field on ethical lending and investment policies. It stated that Triodos’ standards are detailed and comprehensive, covering everything from fossil fuels to genetic modification, and are published on the bank’s website.
As Triodos publishes information about every organisation that it lends to, customers can review each and every organisation in the Triodos lending and investment portfolios – which, as Ethical Consumer noted, is not possible for any other bank.
Alongside this, Triodos was given the best rating for environmental reporting, acknowledging that Triodos does not fund fossil fuels and actively avoids any area that may contribute to environmental destruction.
Bevis Watts, CEO of Triodos Bank UK, said: “We’re proud to be recognised as Ethical Consumer’s Best Buy, reflecting our sustainable ethos and market-leading transparency. However, we want a future where these standards aren’t the exception, but the rule – with all banks showing the level of transparency and accountability that we do.
“If the financial industry is truly going to play a part in tackling the combined threats of the environmental and social issues that we’re facing, we need each and every bank to reflect these values and make real commitments to investing only in areas that contribute to a sustainable future for everyone.”
Ruairidh Fraser, researcher at Ethical Consumer, said: "Banks have a massive impact on the world through their loans and investments. That’s why it’s so important for customers to know what banks are doing with their money and what policies, if any, guide their choices. But our survey of the banking sector showed that this information is still very hard to find. In an industry increasingly dominated by greenwashing, Triodos was the exception. With robust ethical lending criteria and detailed information on the website about all its loans, Triodos leads the field on transparency and was once again a standout Best Buy."
Notes to editors
For further information and photos please contact:
Ellie James, Triodos Bank
About Ethical Consumer
Ethical Consumer are an independent, not-for-profit, multistakeholder co-operative founded in 1989 and based in Manchester. Their primary goal is making global businesses more sustainable through consumer pressure. Their mission is to:
- Help consumers to challenge corporate power by using their economic vote every time they go shopping.
- Democratise the market by enabling consumers to assert their own ethical values by using Ethical Consumer’s shopping guides.
- Have a fully transparent ranking system. All their data is available to subscribers.
- Engage with companies by telling them why ethical consumers are buying or not buying their products. Ethical Consumer also send them detailed questions about their policy and practice on ethical issues.
- Push for wider political action and legislative change. Ethical consumerism is not a replacement for other forms of political action. But it is an important additional way for people to exert their influence.
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 67 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.