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Triodos launches competitive online easy access savings account paying 2% 14.02.11

Triodos Bank, the bank that brings together people who believe in a better world with the organisations making it a reality, today launched the Online Saver Plus easy access account paying a competitive 2%.*

The account reflects consumers’ growing appetite for products that offer a decent rate of return but also do not compromise their ethics. Triodos Bank’s transparent and sustainable banking model is proving increasingly popular to UK savers, all of whom have helped the Bank have a record year for lending and grow its loan book by 25% at a time when most other banks’ lending remains significantly restricted.

With Online Saver Plus, as with all of Triodos’ accounts, savers’ deposits will be used exclusively to finance organisations delivering a positive environmental, social or cultural impact and via the website savers can see the projects their deposits are funding, such as the solar PV installation at Glastonbury’s Worthy Farm, Hugh Fearnley-Whittingstall’s businesses, Mulberry-fashion founder Roger Saul’s organic spelt business Sharpham Park and more than 1,500 other sustainable enterprises. In contrast to the opaqueness of more mainstream banks, Triodos is the only bank to publish to its customers exactly how their money is being used.

Online Saver Plus will pay 2% AER including a 1% bonus for 12 months. This is a leading rate compared to other similar accounts from ethical providers, and it is competitive in the overall easy access market.

Huw Davies, Head of Personal Banking at Triodos Bank, said: "We all know that a good interest rate and access are important for savers, and our new product provides this. But an increasing number of savers are also concerned about how banks use their money. The nation is beginning to want more from its money than the highest rate.

"At Triodos Bank, our savers will always know how we are investing their money, and that it is being used to help make the world a better place. Saving with Triodos means you can get a good return, and your money can do much more than you ever thought".

Triodos Online Saver Plus is available to customers who apply online at Up to three penalty-free withdrawals are permitted within a 12 month period. In months where a withdrawal is made in excess of this limit, a rate of 0.1% will be paid for the month. The minimum deposit is £1 and the maximum, £250,000.

* Rates correct as of 17 January 2011. Interest rate quoted is Annual Equivalent Rate (AER) and illustrates what the interest rate would be if interest was paid and compounded once each year. The gross rate is before deduction of tax at standard rate. Accounts are restricted to one per person in any 12 month period. Interest is paid annually.

Peter Shield

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