Bristol’s savers want more than money from their deposits

Sponsored feature.

Two-thirds of Bristol’s savers want their cash ISAs to tackle some of the biggest issues the UK faces today, like the housing crisis and climate change.

Personal values are driving even the most rational of decisions—saving for the future, according to new research from Bristol-based Triodos Bank.

In recent years, the spotlight has been increasingly on how the financial system funds things that are bad for society. From the fossil fuel divestment campaign to the recent Dakota Access Pipeline protests, people want their money, and their bank, to avoid naughty behaviour.

People would rather their savings have a positive impact by being used to help organisations that match their values. Over half would switch savings providers to make it happen.

Source: Triodos Bank, 2017.

Yet 70 percent of those surveyed said that they currently have no idea where their bank lends their money.

Huw Davies, head of retail banking at Triodos, said: “Many people feel they are being kept in the dark about how their money is being used by their bank. They want their money to grow. But they also want to feel proud that they are helping organisations that are making a positive difference to people and the planet.”

Triodos Bank only lends to organisations that have a positive social or environmental impact. It also publishes online exactly where savers money is being used, so they can be assured that resources are being directed to the right places.

When asked what sectors people wanted their savings to support, almost half said renewable energy.

Thrive Renewables operates 19 sites UK-wide, including Caton Moor wind farm in Lancashire.

Thrive Renewables, a Bristol-based sustainable energy company, creates exactly the type of impact that savers want to see from their ISAs. Operating 19 sites UK-wide, Thrive has benefited from Triodos lending to finance its Caton Moor wind farm. The farm produces enough energy for the equivalent of 11,000 homes.

Matthew Clayton, CEO of Thrive Renewables, said: “Our relationship with Triodos has been vital to our growth and our ability to create a community of over 6,300 investors committed to renewable energy. Having a bank that is aligned to our values makes all the difference.”

Cash ISAs currently dominate around 80% of the ISA market.  With more than £80 billion saved in ISAs last year alone, there is a potential for savings to make a significant difference if people made a choice to save with a provider committed to positive impact. Triodos Bank offers a full range of ethical Cash ISAs for people who want to take advantage of the tax-free savings accounts.

With Cash ISAs, interest rates may change and tax savings will depend on your personal circumstances.

Visit www.triodos.co.uk

Lead Image: Visitors learning about wind power at Thrive Renewables Open Day, 2014.