Triodos increases rate on its Online Saver Plus
Leading ethical bank Triodos has increased the rate on its Online Saver Plus product to 2.5%, and offers a real alternative for UK savers to make their voice heard and make a difference whilst getting a good financial return on their savings.
Interest rate is 2.50% gross/AER variable, including a fixed 12-month introductory bonus of 1.50%.
Up to three penalty-free withdrawals are permitted within a 12-month period. In months where a withdrawal is made in excess of this limit, a rate of 0.1% will be paid for the month.
Charles Middleton, Managing Director at Triodos Bank said: "Individuals can feel powerless in the face of huge challenges, and it isn't always easy to know what we can do differently. I believe strongly that a key change that everyone can make is thinking about how banks use their money and where they choose to put their savings. By switching to ethical banking, savers can make a conscious choice on putting their money to positive use in our society whilst still receiving a good return. They can vote with their feet on the prevailing greed and inequality that we see, and together we can make things happen.
“The recent activity in the capital and around the globe highlights the growing sense of frustration people are feeling towards the banking sector. The industry's failure to address fundamental issues about how they operate has seriously damaged people's confidence in their banks and the sector as a whole.
“As per recent comments in the media, there is a sense of a whole society paying for the errors and irresponsibility of bankers and of impatience with a return to 'business as usual'.
“More and more people are looking at the banks, the very organisations who brought the economy to its knees, and demanding they take an active role in helping to build it back up again.
“We strongly believe that banks and money should act as enablers of positive change, but it feels as if we have lost our way as a sector in terms of purpose and potential. We need to see the industry supporting and focusing more on the real economy and its future rather than operating with a primary mission of delivering short-term shareholder returns”.
Recent research from Triodos suggests people feel their banks should have a more positive impact on society. Two thirds (64 per cent) wanted to see more investment in community and social groups and a similar number (62 per cent) would like to see banks doing more to support renewable energy initiatives. A quarter of respondents (25 per cent) want to see greater investment in organic farming and one in five (20 per cent) feel the arts and culture deserve more support from the banking community. At present only a fraction of the money currently lent and invested by the main banks is used to bring about positive change, particularly through SMEs and clearly the banks' customers do not think this is good enough.