Triodos Bank was founded in the Netherlands in 1980 with a mission to ‘help create a society that protects and promotes quality of life and human dignity for all’ by means of ethical banking.
Online Cash ISA
Triodos’ Online Cash ISA let you save or invest up to £20,000 tax free each tax year. You can open this account with as little as £10, up to a maximum allocation of £20,000. You receive a variable rate of interest at 0.45% AER tax-free. It is an instant access account so you can make unlimited withdrawals anytime and without penalty. This ISA can only be managed online.
Triodos’ Cash ISA let you save or invest up to £20,000 tax free each tax year. You can open this account with as little as £10, up to a maximum allocation of £20,000. You receive a variable rate of interest at 0.05% AER tax-free. you can make unlimited withdrawals from this account, but to access funds you must give 33 days’ notice. This ISA can be managed online or by post.
Ethical Stocks & Shares ISA
Triodos’ Ethical Stocks & Shares ISA lets you make tax-efficient investments in sustainable listed companies via the Triodos Global Equities Impact Fund and the Triodos Pioneer Impact Fund. Within this investment ISA you can invest up to £20,000 per tax year, and there is no capital gains tax and no further tax on income generated. The minimum investment amount is £1,000. Any individuals aged 18 or over who are resident in the UK are eligible.
Junior Cash ISA
Triodos’ Junior Cash ISA A tax-efficient savings account to put away savings for your child until they’re 18. When the child turns 18, the Triodos Junior Ethical Cash ISA will automatically become a Triodos Cash ISA, allowing them to continue to save with tax-free interest into adult life. You can pay into this ISA as and when you choose, from as little as £1 and up to a maximum limit of £9,000 in the 2020/21 tax year – and earn tax-free interest on the savings.
Triodos offer a range of financial support services including current accounts, savings accounts, business lending, capital raising, investment opportunities and more. It focuses on ethical banking.
Triodos Bank Reviews and Ratings
Online reviews for Triodos Bank are quite mixed, but with a majority that give the company a thumbs up and praising its high morals. Many customers love the excellent savings products, which are easy to open and manage online, with the added benefit of knowing that your money will be used only for ethical reasons. The transition from other ISAs is seamless, and communication with the customer support team is very good. Some customers, on the other hand, have been left disappointed with the lack of integration within the internet banking system and some minor administrative issues.
- An ethical approach: the company only lends to organisations making a positive impact socially, culturally or environmentally
- Transparent charging structure
- Various ISA products available
- Clear, easy to understand information on website
- Excellent customer service reviews
- Fast easy online setup
- Protected by the FSCS
- Stocks and Shares ISAs and Cash ISAs only
- Lifetime ISAs or Innovative Finance ISAs not offered
- Some minor administrative complaints
- A lack of online tools and downloadable help content
- Only available for individuals aged 18 or over who are resident in the UK
Website: Triodos Bank