Triodos Bank lauches UK's first ethical Junior Cash ISA

Triodos Bank, the UK's leading ethical bank, has launched the first ethical Junior Cash ISA to respond to demand for ethical saving vehicles. At 2.01% AER, the Junior Cash SA is available today and can be opened with as little as £1.

Research from Triodos Bank reveals one in eight parents / grandparents (13%) plan to pay into a JISA next tax year. The average amount they plan to save into the JISA next year is £1,017 - that's a total of £3.7 billion that could be used to help society and environment if saved in an ethical bank like Triodos.

Those that have saved into a JISA already this tax year, or plan to save next year, hope their children or grandchildren will put the money to good use once they turn 18. Nearly a fifth want their child/grandchild to maintain the tax free savings habit, and continue saving into an ISA at 18 having built up a tax-free pot in their JISA. Over a third (34%) are hoping the child will use it for university. Almost a third (32%) would like the money to be used for a house deposit, and 19% would like it to go towards travelling. Many parents already know their child will end up taking out credit, as one in ten foresee the money saved being used to pay off future debts.  .

Huw Davies, Head of Personal Banking at Triodos Bank, said: "We are very proud to offer the UK's first ethical Junior Cash ISA, and to give parents and grandparents the option of saving ethically for the next generation. More and more savers are beginning to question their bank's ethics and how money is used when on deposit.  With a new junior cash ISA ethical saving option there is no better time to act on their concerns and save for their children's future in a better way. We believe parents should encourage children to save for the future and also educate them about how their savings can be used to make a positive change in the world they'll grow up in.

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

Via the website knowwhereyourmoneygoes.co.uk/ savers can see the projects their deposits are funding, such as the solar PV installation at Glastonbury's Worthy Farm, Hugh Fearnley-Whittingstall's businesses, Mulberry-fashion founder Roger Saul's organic spelt business Sharpham Park and more than 1,500 other sustainable enterprises. In contrast to the opaqueness of more mainstream banks, Triodos publishes to its customers exactly how their money is being used.