Triodos Bank offering personal current accounts

ses6jwg

Most people didn't think twice about saving with ING direct when they had a market-leading rate despite not coming under the FSCS

innovate

There's nothing unethical about making a profit. The whole reason we are living in a [relatively] prosperous country is that companies and people are allowed to make profits.

There is also nothing much surprising about the Triodos growth figures. Any half-serious newcomer will find it easy to half double-digit growth figures.

The "ethical" aspect of a bank, or the claim of it, is a totally subjective measure. There are no agreed parameters for it, and there is no control for any of the claims laid down by the companies in question. For example, Triodos claim "We're 100% ethical - only lending money to people and organisations making a positive impact - culturally, socially and environmentally". Who does determine, and how, the criteria for such positive impact?

innovate

ses6jwg wrote: »

Most people didn't think twice about saving with ING direct when they had a market-leading rate despite not coming under the FSCS

Four possible explanations - the savers were one of the following

a) uninformed
b) ignorant
c) stupid
d) greedy

BrandNewYear

This is a hypothetical question at present but what if I had £1 million or more. How could I stash it in the bank without fear of the bank collapsing and pinching my money? It seems even the established banks only cover us up to £85,000 or so? What do millionaires do? I damn well plan to be one one day!

212

Investments are covered under different licences - people with serious money can afford to 'gamble' a bit on the stock markets or they may play a bit more cautiously with GILTs etc - so I'd imagine using various different investment licences would see a lot more of it 'safe' that way

ses6jwg

BrandNewYear wrote: »

This is a hypothetical question at present but what if I had £1 million or more. How could I stash it in the bank without fear of the bank collapsing and pinching my money? It seems even the established banks only cover us up to £85,000 or so? What do millionaires do? I damn well plan to be one one day!

national savings and investments is 100% guaranteed

dalesrider

BrandNewYear wrote: »

It seems even the established banks only cover us up to £85,000 or so? What do millionaires do? I damn well plan to be one one day!

Its not Banks cover.... Its a Gov based scheme (for want of better description)
I would also say should one of the big banks ever go under, getting even that amount back is not going to be a quick and easy task.
Which is why bailing banks out is a cheaper option.

pmduk

ses6jwg wrote: »

Most people didn't think twice about saving with ING direct when they had a market-leading rate despite not coming under the FSCS

But how many of them would make the same (foolish imo) mistake again. We live in a more realistic world nowadays, we know banks can go bust.

dr_adidas01

pmduk wrote: »

But how many of them would make the same (foolish imo) mistake again. We live I a more realistic world nowadays, we know banks can go bust.

We may live in a more realistic world nowadays (what ever that means). However you would still be surprise how stupid people are and still trust financial institutions.

pmduk

Good point, look how many people think advice from bank staff is unbiased and always in the customer's interest?