Triodos Bank business banking review
Triodos Bank is a sustainable and ethical bank that focuses on impact-driven banking. It provides personal and business banking services, with a strong commitment to funding environmental, social, and cultural projects.
Key features of Triodos Bank
1. Personal and business current accounts
- Ethical banking approach: Only funds projects with a positive environmental and social impact.
- FSCS protection up to £85,000: Ensures deposit security.
- Monthly account fee of £3 for personal accounts.
- Business banking solutions: Designed for charities, non-profits, and sustainable businesses.
- No hidden fees: Transparent pricing model.
2. Savings and investment products
- Ethical savings accounts: FSCS-protected savings with competitive interest rates.
- Cash ISAs: Tax-free savings with sustainable investment principles.
- Fixed-term savings accounts: Higher interest for long-term deposits.
- Impact investments: Funds that support social and environmental projects.
3. Business finance and lending
- Loans for social enterprises: Tailored finance for charities and ethical businesses.
- Renewable energy financing: Funds for green energy and sustainability projects.
- Property and community lending: Supports affordable housing and community initiatives.
4. Digital banking and customer service
- Mobile banking app: Provides secure, ethical banking on the go.
- No high-street branches: Fully online and postal banking.
- Dedicated UK customer support: Available by phone and email.
- Transparency reports: Shows where customer money is invested.
Triodos Bank fees and pricing
1. Personal and business current account fees
| Account Type | Monthly Fee | UK Transfers | ATM Withdrawals | International Transfers |
|---|---|---|---|---|
| Personal Current Account | £3 | Free | Free in UK | Competitive FX rates |
| Business Current Account | £8 | Free | Free in UK | Competitive FX rates |
2. Additional fees
- No overdraft facilities.
- International transactions: Competitive exchange rates apply.
- Cash deposits not supported.
Pros and cons of Triodos Bank
Pros
- Ethical and sustainable banking.
- Transparent use of customer funds.
- FSCS protection up to £85,000.
- Competitive savings and investment products.
- Tailored finance for charities and social enterprises.
Cons
- No overdraft or credit facilities.
- Limited physical banking options (no high-street branches).
- Monthly fees apply to all current accounts.
- Limited personal lending options.
How Triodos Bank compares to competitors
| Feature | Triodos Bank | Starling Bank | Monzo | Nationwide |
|---|---|---|---|---|
| Ethical banking | Yes | No | No | Limited |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Free current accounts | No | Yes | Yes | Yes |
| Business lending | Yes | Yes | No | Yes |
| Investment products | Yes | No | No | Yes |
| Ideal for | Ethical banking, charities, sustainable finance | Digital banking | Everyday banking | High-street banking |
Who should use Triodos Bank?
- Individuals seeking ethical banking: Ensures money is invested sustainably.
- Charities and social enterprises: Specialised finance for impact-driven organisations.
- Savers looking for ethical investments: Sustainable savings and investment options.
- Businesses focused on sustainability: Supports enterprises making a positive impact.
Our verdict
Triodos Bank is a leading ethical bank, prioritising sustainable investments, transparent banking, and responsible finance. It is ideal for individuals and businesses that prioritise ethical banking and want to ensure their money is used for positive change.
However, its monthly fees, lack of overdrafts, and limited physical banking options may not suit those needing a traditional banking experience. For those who value transparency and sustainability, Triodos Bank remains one of the best ethical banking choices in the UK.