Triodos Bank, Europe’s leading sustainable bank, has today opened registrations for its first ever UK personal current account. The account – the most sustainable personal current account ever brought to the UK market – will begin with a phased rollout from June this year.
Following the global financial crisis and scandals such as the recent PPI saga, mistrust in the banking sector is rife and consumer demand for products that demonstrate a positive impact on society has never been higher. Enter Triodos, a bank that only lends money to organisations and projects that are making a positive difference to society and aims to disrupt the market and challenge the myth of free banking in the UK.
Customers will be charged £3 per month for the current account service, thus removing the need for the hidden fees, excessive penalties, or un-authorised borrowing charges that often subsidises ‘free’ banking at many of the high street banks and affects the most vulnerable in society. Huw Davies, head of retail banking at Triodos Bank, says: “There is no such thing as ‘free’ banking because someone else always pays. ‘Free’ accounts are usually subsidised with high penalty charges and hidden fees, so the most vulnerable customer s, or those making a rare miscalculation with the household finances, end up paying an exorbitant price. This isn’t fair so we are leading by example with a fresh approach.”
Transparency is another core value of the new account. And it’s no wonder Triodos wants to shout about the £700m+ they lend to organisations and projects ranging from charities, community schemes and social housing providers, to organic farmers, homelessness programmes and renewable energy projects. The bank publishes details of every loan it makes via www.knowwhereyourmoneygoes.co.uk for complete transparency. If that’s not enough, your £3 a month will also be rewarded with an eco-friendly debit card made from organic matter – believed to have the strongest environmental credentials of any debit card in the UK market.
Julz is a DJ for Bristol-based community radio station, Ujima, and plans to open a current account with Triodos. He said:
“I like the idea of my money having a positive impact both socially and environmentally. They invest in social enterprises, they invest in the environment, they invest in tomorrow. They don’t borrow from tomorrow. I think that’s the difference between the standard set of banks which is about borrowing and gambling on tomorrow rather than investing in tomorrow.”
So if an honest, transparent, and sustainable bank sounds like the type of organisation you want to trust with you money, or if you just want to learn more, visit their website for more information and to sign up here.