Triodos, the ethical bank with its UK headquarters in Bristol, has opened registrations for its first UK personal current account.
The account – which Triodos claims is the most sustainable personal current account ever brought to the UK market – will go live with a phased rollout from June. 
Account holders will receive an eco-friendly chip and PIN debit card made from PLA, a ‘natural plastic’ of renewable resources such as corn or similar plants.
Triodos has been planning to launch a personal account in the UK for several years. It had to overcome numerous regulatory hurdles before gaining permission to start the service.
The bank, which has been operating in the UK for over 22 years, only lends to organisations and projects that are making a positive difference to society socially, culturally or environmentally.
Triodos said it was launching the account in response to growing consumer demand for banking products that demonstrate a positive impact on society.
UK managing director Bevis Watts said: “Our new personal current account brings an inspiring new option to the UK current account market, which we believe is dysfunctional and is obviously dominated by a small number of large banks.
“We want people to really think about what their bank is doing with their money. Money doesn’t have to be invested in the arms trade, fossil fuels and tobacco – it can be used to do good things that help build the society we want to live in.
“For many years now, consumers have had the opportunity to align their values with the food they choose to buy, the transport they take, and the energy they consume. Now they have that choice with their daily finances, using their money as an irresistible force for good that works towards positive social, cultural, and environmental change.”
The bank lends more than £700m to organisations and projects ranging from charities, community schemes and social housing providers, to organic farmers, homelessness programmes and renewable energy projects. Details of every loan it makes are published on its website.
Triodos said the new personal current account would challenge the practices of many high-street banks which, according to the Competition and Markets Authority (CMA), make approximately £1.2bn from customers stumbling – however briefly – into unauthorised overdrafts.
Triodos customers will be charged £3 a month for the current account service and, while arranged overdrafts are available, the bank will not allow unarranged overdrafts – so removing the risk of high penalty fees. Unpaid items will incur a basic charge of £5 with a maximum monthly charge of £50.
Triodos Bank head of retail banking Huw Davies: “There is no such thing as ‘free’ banking because someone else always pays. ‘Free’ accounts are usually subsidised with high penalty charges and hidden fees, so the most vulnerable customers, or those making a rare miscalculation with the household finances, end up paying an exorbitant price. This isn’t fair so we are leading by example with a fresh approach.”
