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Finance for war
Values-based banks reveal the global financial industry’s ‘disturbing role’ in financing weapons and war.
3 March 2024
Triodos Bank has been awarded ‘Best Buy’ status by Ethical Consumer magazine for its personal current account and savings accounts, with both scoring 96 out of a possible 100 points.
Ethical Consumer has rated 28 banks on their current accounts and 46 on their savings accounts, giving them an ethical score.
As with its previous ethical banking guide in 2022 – which also saw Triodos awarded ‘Best Buy’ status – the scoring system continues to assess banks on their overall ethos, approach to tackling climate change and tax conduct.
In 2025, Ethical Consumer has introduced new categories to evaluate banks’ lending policies and loans and investments.
Triodos Bank was recognised as ‘standing ahead of the pack’ and leads the personal current account scoreboard by over 20 points, outranking all the major high street banks as well as digital-first challenger banks.
Ethical Consumer notes that Triodos is the only bank to score the full 100 points for its company ethos, as it provides a genuine alternative to mainstream banking through its sustainable lending and investing.
It specifically cites Triodos’s commitment to fair and appropriate remuneration, including its positive approach to pay ratios, and not paying any director over £1 million.
Triodos is also top-scoring in the climate category as it calculates all its emissions – including its financed emissions – and is prioritising real emissions reduction across its portfolio, as well as financing innovative solutions to accelerate the energy transition before 2030.
In contrast, the majority of high-street banks lose significant points in the rankings for their involvement in funding fossil fuels and opaque approaches to tax.
When considering what policies banks have around their lending, Ethical Consumer also notes that Triodos is the only bank that has disclosed its entire loan portfolio, as the bank publishes the details of all of the lending and investments that it makes online.
Triodos’s commitment never to finance the fossil fuel or arms sectors positions it at the top of this category.
‘We’re proud that Ethical Consumer has awarded ‘Best Buy’ status to both our current account and personal savings accounts. Against the most comprehensive methodology to date, Triodos’s scores reflect the strength of our commitments to transparency, climate action and renumeration.
‘This ranking gives consumers absolute confidence in making banking decisions that align with their values. Our recent research shows that the UK public think that funding positive change is needed now more than ever, with younger generations especially being ready to move away from big banks that do not meet these expectations.’ROGER HATTAM
Director of retail banking at Triodos Bank UK
The ranking comes as recent research from Triodos reveals that the UK public think financing positive social and environmental change is needed now more than ever.
A poll of 2,000 UK adults found that 81% of people are concerned about the future of the world, while seven in 10 (68%) think we need positive social and environmental change now more than ever.
When it comes to the actions of big corporations and banks, over half (55%) of 18- to 34-year-olds are likely to support businesses that demonstrate progress on sustainability, and the fair and equal treatment of people, over businesses that don’t.
Meanwhile, four in 10 say they are prepared to move their money out of their current bank if it scraps its current sustainability commitments (42%) or DEI initiatives (40%) – as many US-based big banks have done since President Donald Trump’s second term began.
‘Where you bank matters. Banks don’t just take deposits from consumers, they provide loans and other forms of finance to businesses all over the world. Many of the big banks finance businesses involved in harmful activities, such as the extraction of fossil fuels or the production of nuclear weapons.
‘If your money is with one of these banks then we urge you to switch to an ethical bank. For those that wish to switch, Triodos is a great choice. Yet again, it is one of our Best Buys, scoring 96/100 in our ethical rating system.’
ALEX CRUMBIE
Researcher at Ethical Consumer
Values-based banks reveal the global financial industry’s ‘disturbing role’ in financing weapons and war.
Banks urged to ‘Think Bolder’ to drive positive shift in global finance sector.
By William de Vries, Director of Impact Equities & Bonds at Triodos Investment Management.
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