Ethical financial provider Triodos Bank has launched a new easy-access savings account.
The Online Saver Plus pays 2% AER including a 1% bonus for 12 months. While not a market leader, the account is competitive within the overall easy-access market. As a comparison, you can currently get 2.9% from a Best Rate instant-access savings account.
The account is only available to customers who apply online, with up to three penalty-free withdrawals allowed within a 12 month period. In months where this is exceeded, a rate of 0.1% will be paid for the month. The minimum deposit is £1 and the maximum £250,000.
As with all of Triodos’ accounts, savers’ deposits are used to finance organisations delivering a positive environmental, social or cultural impact. Projects being funded include the solar PV installation at Glastonbury’s Worthy Farm and more than 1,500 other sustainable enterprises.
However, Triodos accounts are not covered by the Financial Services Compensation Scheme (FSCS), but rather under the Dutch system. While the cover levels are similar, you would have to put in a claim under the Dutch system should Triodos go bust. As a result, Triodos accounts are not included in Which? Best Rate tables.
Which? Savings Rate Booster
To help savers with a quick and easy way to find out what interest their account is paying, Which? has created a free Savings Rate Booster. This is the only place where savers can quickly and easily find out what interest their account is paying, compare it with the best on the market and start moving their money.
For much more information on ethical investments and expert views on choosing an ethical fund, read the Which? guide to ethical investing.
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