Savings to help save the environment

Today sees the launch of a new savings account from Triodos Bank, one of the UKs leading ethical banks. The Triodos Renewal Energy Bond is a two-year bond paying 4.5%, which offers the unique opportunity to do your bit help combat climate change. Rachel Thrussell, Head of Savings at moneyfacts.co.uk comments:

“Today over 100 affinity savings accounts are available, offering support to your favourite football team or charity. Rates range from 1.70% to 4.05% , and generally pay a donation based on total balances held in the accounts. While for many of these clubs or charities the funds may be a crucial and much needed contribution, it could be seen as less important to contribute towards premier league football teams, many of whom are far from short of funding.

“The new Triodos Bank account adopts a rather innovative approach to help a much-needed cause. Rather than paying a set donation, this account promises to use the funds to support sustainable renewable energy projects.

“Requiring deposits starting as low as £2.5K up to a maximum of £10K, consumers don’t have to tie up huge sums of money, as a relatively small deposit can help to make a big difference. And while the interest rate offered is not market leading, it still provides a decent return, much higher than normally found in the affinity account market. So consumers need not sacrifice their savings growth in return for doing their bit to help the planet.

“While environmental issues are not always at the forefront of our minds, climate change is most definitely a real problem that, without action, will ultimately affect every single one of us. This is a true sign of ethical banking, for which Triodos should receive particular praise both for its innovation and for its customer friendly approach. It would be nice to see this initiative receive the high profile coverage it deserves, and in doing so, encourage other financial institutions to follow the example set by Triodos Bank.”

 

 

NOTES TO EDITORS:

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

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