Ethical Consumer magazine has rated 31 UK banks and given them each an ethical score. It took into account each bank's environmental approach and governance issues, as well as the sort of activities each bank is funding and the ethical policies they have in place to prevent the financing of harmful practices.
Triodos came out on top, and was recognised for its transparency and positive investment strategy, which Ethical Consumer has called 'stand-out’ and ‘market leading’. Our personal current account rating outranked all the major high street banks, as well as digital-first challenger banks.
Why we're market leading
Ethical Consumer noted that Triodos Bank are leading the field on ethical lending and investment policies. It stated that Triodos’ standards are detailed and comprehensive, covering everything from fossil fuels to genetic modification, and are published on the our website.
We publish information about organisation that we lend to on the Know Where Your Money Goes section of our website. This means that our customers can find out about every single organisation in our lending and investing portfolios, which, as Ethical Consumer noted, isn't something other banks are doing.
We were also given the best rating for environmental reporting, as we don't fund fossil fuels and actively avoid any area that may contribute to environmental destruction.
Ruairidh Fraser, researcher at Ethical Consumer, said: "Banks have a massive impact on the world through their loans and investments. That’s why it’s so important for customers to know what banks are doing with their money and what policies, if any, guide their choices. But our survey of the banking sector showed that this information is still very hard to find. In an industry increasingly dominated by greenwashing, Triodos was the exception. With robust ethical lending criteria and detailed information on the website about all its loans, Triodos leads the field on transparency and was once again a standout Best Buy."
Changing the world of banking
“We’re proud to be recognised as Ethical Consumer’s Best Buy, reflecting our sustainable ethos and market-leading transparency,” says Bevis Watts, CEO of Triodos Bank UK. “However, we want a future where these standards aren’t the exception, but the rule – with all banks showing the level of transparency and accountability that we do.
“If the financial industry is truly going to play a part in tackling the combined threats of the environmental and social issues that we’re facing, we need each and every bank to reflect these values and make real commitments to investing only in areas that contribute to a sustainable future for
I’ve been interested in a Triodos account for years, but as an unpaid carer managing on part-time seasonal work, paying for a current account is a tough leap.
Hi Paul, thanks so much for your feedback. We understand that the current account charge is a tough call for some people. Ever since we launched the Triodos current account, we have made a point of being upfront about the true cost and the way we apply fees and charges. You can find a full explanation on our website that also addresses the myth of ‘free banking’: https://www.triodos.co.uk/articles/2020/the-myth-of-free-banking Thank you for following us and showing your support. Alana
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Makes me think yet again about my current Banks Investment policy. I’ll check it out!!! Not sure I can cope with “Banking without a building to visit” Susan Dennis X
Hi Susan, thanks for the comment. Much like some newer banks, we’ve never had branches in the UK. We’re still able to provide the same services as many other banks, it’s just online or over the phone. Our contact team can address most questions and provide support. Not having branches also allows us to commit more money to ethical organisations that help people and the environment. Thanks, Alana
Susan, I wouldn't worry about a bank building, there are hardly any left anyway. Our nearest Santander, HSBC, Barclays are in Edinburgh, 40 miles away. RBS is in Biggar and BoS in Lanark, 10 & 15 miles away respectively. I have found the Triodos staff very knowledgeable, helpful and available without long waits on the phone either!
I like the transparency that Triodos offers its customers, but I don't like the fact that everything is online and that there is no physical bank to go to for services. Not all people have access to online banking or can handle apps or computers.
Yes, I agree, not all of us are able to handle online banking, and do not possess a smartphone/ipad so don't have 'apps'. I have a theory, backed up by research I believe, that more and more internet/app/phone use is harmful to the environment! PAB
Pat, It's very true that use of the Internet etc is harmful to the environment - the manufacture and transportation of the devices we all use, the buildings to house the servers, the electricity to power those servers and all the other network infrastructure - all have an environmental cost. The question we must ask ourselves is whether this cost is greater or smaller than the cost of doing the same things in person. I don't have the answer to this simply because the system is so complex that much of the stuff we can do online would be impossible without the Internet infrastructure. As for your point about the digitally excluded - this is a real concern and one that is all too often forgotten about. Thank you for reminding us!
Hi Pat and Tim, Thank you for raising these important points. We take digital inclusion very seriously, and that’s why we’ve partnered with Citizens Online, a charity which specialises in helping people gain skills and feel more confident online. Our shared goal is ensuring no-one is left behind in the digital world and we want to make sure the experience of all our customers is a positive one. You can find out more about our partnership here: https://www.triodos.co.uk/help/citizens-online Thanks, Alana
I would love to use Triodos Bank for my current account but already have a good local Building Society with online banking and that has local branches open 6 days a week. I feel it is ethical. My main barrier to using the Triodos current account is the up front cost. I know it is now normal to pay for a current account in the Netherlands as interest rates were until recently low, but it is not normal in the competitive UK banking environment.