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Ethical banking

Ethical Consumer has awarded Triodos Bank its sole ‘Best Buy’ status for personal current accounts, and joint Best Buy status for its savings accounts.

Triodos was recognised for its transparency and positive investment strategy, which Ethical Consumer noted were ‘stand-out’ and ‘market leading’.

High-street banks outranked

Its personal current account rating outranked all the major high-street banks, as well as digital-first challenger banks. 
 
The guide scored 31 banks against core ratings on their environmental approach and governance issues such as director pay and tax avoidance.

Ethical Consumer also looked at the sorts of activity each bank is funding and the ethical policies they have in place to prevent the financing of harmful practices. 

‘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.’

RUAIRIDH FRASER
Writer and researcher at Ethical Consumer

Unrivalled transparency

Ethical Consumer noted that Triodos leads 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 bank’s website. 
 
As Triodos publishes information about every organisation that it lends to, customers can review each and every organisation in the Triodos lending and investment portfolios – which, as Ethical Consumer noted, is not possible for any other bank.  
 
Alongside this, Triodos was given the best rating for environmental reporting, acknowledging that Triodos does not fund fossil fuels and actively avoids any area that may contribute to environmental destruction.

‘We’re proud to be recognised as Ethical Consumer’s Best Buy, reflecting our sustainable ethos and market-leading transparency. 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 everyone.’

BEVIS WATTS
CEO of Triodos Bank UK

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