Ethical bank Triodos has increased the rate on its Online Saver Plus product. It claims the savings account gives UK savers the opportunity to make a difference while getting a good interest rate.
The interest rate is now at 2.5% gross/AER variable, including a fixed 12-month introductory bonus of 1.5%.
Up to three penalty-free withdrawals are permitted within a 12-month period. In months where a withdrawal is made in excess of this limit, a rate of 0.1% will be paid for the month.
Charles Middleton, managing director at Triodos Bank, said: “Individuals can feel powerless in the face of huge challenges, and it isn’t always easy to know what we can do differently.
“I believe strongly that a key change that everyone can make is thinking about how banks use their money and where they choose to put their savings.
“By switching to ethical banking, savers can make a conscious choice on putting their money to positive use in our society whilst still receiving a good return.
“They can vote with their feet on the prevailing greed and inequality that we see, and together we can make things happen.”