Triodos Bank offering personal current accounts

innovate

BrandNewYear wrote: »

If Triodos go bust does any money you have in your accounts with them disappear into thin air?:eek:

You can claim under the Dutch deposit protection scheme, but you will be all on your own, no help from any UK authorities, and most likely you won't be at the front of the Q as a citizen/national of a foreign country.

BrandNewYear

innovate wrote: »

You can claim under the Dutch deposit protection scheme, but you will be all on your own, no help from any UK authorities, and most likely you won't be at the front of the Q as a citizen/national of a foreign country.

How do Triodos manage to get any UK customers?!

dr_adidas01

BrandNewYear wrote: »

How do Triodos manage to get any UK customers?!

The same way any bank gets customers they choose to bank with them. They probably just don't realise like you did that there not protected under the FSCS if they bank with them

How did you manage to bank with them?

innovate

BrandNewYear wrote: »

How do Triodos manage to get any UK customers?!

I don't know whether they do. But those UK residents who do have accounts that do not offer the full FSCS guarantee are one of the following

a) uninformed
b) ignorant
c) stupid

Jules2012

Isn't Triodos a missile or something?

BrandNewYear

dr_adidas01 wrote: »

The same way any bank gets customers they choose to bank with them. They probably just don't realise like you did that there not protected under the FSCS if they bank with them

How did you manage to bank with them?

I applied for the account. They opened it.

innovate

Jules2012 wrote: »

Isn't Triodos a missile or something?

Trident

Can have a similarly bad effect on you as Triodos.

Jules2012

Least they say they protect your money:

Protection for your deposits
Triodos Bank in the UK is part of Triodos Bank NV which is based in the Netherlands. Most depositors of Triodos Bank both in the UK and in the Netherlands are entitled to financial compensation, should Triodos Bank default and become unable to meet its financial obligations and repay its depositors.
Because we are part of Triodos Bank NV, our eligible UK depositors are covered by the Dutch deposit guarantee scheme, rather than being covered by the Financial Services Compensation Scheme (FSCS) in the UK.
This means that, should our bank ever be unable to meet its financial obligations, our eligible UK depositors would be entitled to claim up to €100,000 (equivalent to approximately £86,303.62 as at 1 March 2013*) per person per institution, regardless of the number of accounts held, from the Dutch deposit guarantee scheme. For joint accounts, the maximum limit applies to both account holders, i.e. €100,000 each.
The Dutch deposit guarantee scheme and Financial Services Compensation Scheme both comply (along with all other European guarantee schemes) with the European requirements which include:
having a standard compensation level of €100,000
meeting the maximum payout timescale requirements across Europe, typically of 20 working days.

innovate

Jules2012 wrote: »

Least they say they protect your money:

It would be illegal (under EU law) if they didn't. But just because they say what they have to say doesn't mean your money is anywhere near as protected as it is under the FSCS scheme.

This is not to say that the FSCS scheme is any better than any of the EU country schemes. In fact, they are all about the same - - they protect the money of their residents up to £85K / around the equivalent of £85K in Euros. The FSCS scheme limit was only raised to the EU limits a couple of years ago, following pressure arising from various real or near bank collapses.

Of course you are welcome to prove me wrong that FSCS cover matters. I for one have no desire to test things out again after the Icesave debacle. I did get all my deposits back, but I don't want to go through any similar experience ever again.

dalesrider

2012 figures at a glance

• Triodos Bank balance sheet: EUR 5.3 billion (23% growth)
• Triodos Investment Funds: EUR 2.2 billion (7% growth)
• Private Banking assets under management: are now EUR 557 million (28% growth)
• Number of customers: 437,000 (23% growth)
• Sustainable lending: EUR 3.3 billion (16% growth)
• Triodos Bank net profit: EUR 22.6 million (31% growth)
• Core Tier 1-ratio: 15.9% (2011: 14.0%)
• Number of co-workers: 788 (9% growth)

Very ethical figures.....