Know where your ISA goes

Since the economic downturn, savers have cared more about their banks' practices, and have flocked to ethical banks. Triodos Bank saw an increase of 71% in ISAs between April 2007 to May 2011, compared to an increase of 52% during the same period among the rest of the market. 

However, despite this growing switch to more ethical financial institutions, many people remain dissatisfied with their main bank. In fact, research from Triodos Bank reveals more than 5.6 million bank customers (11% of the adult population) are more dissatisfied with their bank than last year.

Ethically minded consumers who vote with their feet and move their ISA to Triodos Bank can be assured that their money is used to fund sustainable projects, as Triodos only lends to environmental, social, or culturally beneficial projects and businesses. This positive use of money actually brings real benefits, for example, every £1,000 lent to the relevant sectors is enough to power one UK home with renewable energy, create 352 organic meals or enable 172 visits to cultural venues.

Huw Davies, Head of Personal Banking at Triodos Bank, said: "As the end of the tax year arrives we know savers will be looking to use their ISA allowance and make the most of their savings. We believe savers should be able to have a competitive rate but also a social and environmental return, and know where their money is being used. Many savers are concerned about where their money goes once deposited, and are challenging the big banks to play a more constructive role in society and the real economy.

"At Triodos Bank, our savers will always know how we are using their money, and that it is only financing organisations delivering a positive environmental, social or cultural impact. Moving your ISA to Triodos not only means you get a good financial return, but also peace of mind that your ISA is making a positive difference to people, society, and environment".

Research from the ethical bank also found almost nine million (18%) customers would not recommend their current bank to family and friends. Four out of 10 of these unhappy customers (40%) would not recommend their bank due to poor service, and almost a quarter (24%) blame the bank's hefty bonus practice as a reason to not recommend it. Over a tenth (12%) of those who would not recommend their bank said this is because of its lack of lending support to UK businesses.