A new study conducted by Gatehouse Bank has revealed that more than half of British adults consider the ethical credentials of a savings account before committing their money. The survey found that fifty-five percent of respondents evaluate factors such as sustainability and charities supported by the bank before investing.
Gatehouse Bank have uncovered research which indicates that, even in the face of a rising cost of living, UK citizens remain committed to ethical saving options.
Analysis of the responses from adults living in the UK showed that more than half (52%) of them would investigate the ethical standards of a savings account before committing funds. This was especially true for those aged 18-24, with three-quarters (76%) expressing an interest in such criteria versus only 24% of those above 65.
Gatehouse Bank has created their Easy Access Cash ISA and Easy Access savings account to offer young people assistance in developing financial security while staying faithful to their values. With a minimum deposit of £1, they can take advantage of both accounts’ competitive interest rates – 2.90% for the ISA and 3.00% for the savings account.
The results of the research showed that just one-third of those interviewed have their money invested in an ethical savings account, meaning that even though they may be motivated to investigate the moral values of banks and organisations, they are not necessarily acting upon it.
Ravi Kumar, Senior Product Manager at Gatehouse Bank, commented: “The findings demonstrate that ethical concerns are still a main priority for consumers, especially among the new generation of savers who have the greatest awareness of such issues.
We have experienced first-hand the popularity of our Woodland Saver accounts; with each one opened or renewed, we plant a tree in our customers’ honor.
As a Shariah-compliant Bank, we are committed to ethical standards and therefore do not provide services in areas such as alcohol, gambling, or the arms industry which have a potentially damaging impact on society. Our goal is to assist customers in bringing their financial plans and moral beliefs into alignment. To this end, finance providers must continue to effectively share their values with the public so people can be better informed regarding their range of savings options.
You can check our research into the best UK savings accounts for high interest to find which bank account can provide you with the return you are expecting. NatWest’s interest rate is 6.17 percent on sums up to £5,000 and Nationwide is offering 5% among many more.