Savers wish for transparency from providers

Savers are becoming more aware of how their money is being used. Picture: Sonya Duncan

Savers are becoming more aware of how their money is being used. Picture: Sonya Duncan - Credit: Sonya Duncan

One in three savers in the East of England say they would be motivated by ethics when putting money away, according to a survey.

More than half of respondents to a survey by Triodos Bank said they would switch savings providers if they discovered their money was being lent to areas which negatively affected people or the environment.

Three-quarters said they thought banks and financial services providers should be more transparent about how they used customers' cash but 84% said they had no idea how their own money was being used.

Bevis Watts, managing director at Triodos Bank UK, said: 'Many savers are putting transparency and positive impact at their top of their criteria.

'It is time that ISA providers offered the transparency that people deserve – the fact that the vast majority of savers currently have no idea where their bank lends their money isn't in their interests.'