Triodos Bank

Triodos Bank is a UK bank with a difference: it only lends to and invests in organisations it judges to deliver positive social, environmental or cultural change, and it publishes details of everything it finances. It offers a personal current account, a range of savings accounts, cash ISAs, a stocks and shares ISA, and impact investment funds, plus accounts for children, charities and businesses. More than 750,000 people bank with it¹.

Triodos is a real bank, not just an app or a payment firm: it appears on the Bank of England's list of UK-incorporated banks authorised to accept deposits². Money you hold with Triodos as deposits is covered by the Financial Services Compensation Scheme (FSCS)³, and the bank's UK registration can be checked on the FCA Register under firm reference number 817008⁴.

The trade-off for the ethical focus is that Triodos is an online bank with no branches, no Post Office banking, no cash deposits into its current account and no overdraft at all. Whether that suits you depends on how you bank day to day, and this page sets out what each product does, how charges work, how to open or switch, and what protection you have.

Triodos Bank accounts: current, savings, ISA and impact investment

Triodos splits its personal banking into four broad areas: a current account, savings accounts, ISAs and impact investments. All of them are managed online, in the mobile app or through internet banking, and all are governed by the same ethical policy: Triodos applies a zero-tolerance exclusion to things like weapons and nuclear energy, and sets maximum revenue thresholds for other products such as tobacco⁸.

The Triodos Current Account is a personal account with a Visa debit card, used for everyday payments, direct debits and standing orders. It has no overdraft and pays no interest on balances⁹. Cheque books are not issued automatically but can be requested by phone or chat¹⁰.

Savings come in several forms, including easy-access online savers, regular savers, fixed regular savers, ethical savings bonds and charity savers. Savings accounts are opened online with a nominated account, and the opening deposit must be made by electronic transfer from that nominated account; you can register up to three nominated accounts¹¹. Triodos states that it is committed to offering the best interest rates it can afford and will always pass on as much of any Bank of England base rate change as it can, as quickly as it can¹². Current rates are on the Triodos website.

ISAs include a cash ISA and the Triodos Stocks and Shares ISA, which lets you invest tax-efficiently in Triodos impact funds¹³. Existing ISAs can be transferred in, and Triodos does not charge to move an ISA from another provider, though it advises checking with your current provider whether they do¹⁴. Cheque deposits into a cash ISA, where accepted, are posted to a freepost address¹⁴.

Impact investments are the bank's flagship. You can invest either tax-efficiently through the Stocks and Shares ISA, or through an Impact Investment Account without the ISA wrapper¹³. Triodos describes getting started in four steps: understanding investing, exploring the funds, choosing your account, then adding money to your Cash Account or transferring in an ISA¹⁵. The funds include the Triodos Global Equities Impact Fund. An income statement can be downloaded in the app or internet banking to help with your tax return¹⁶. The funds are managed by Triodos Investment Management, a wholly-owned subsidiary of Triodos Bank⁸.

There are also children's accounts, opened in the app by a parent or guardian who verifies their own identity and their child's¹.

How Triodos charges work, including cash withdrawals at home and abroad

Triodos publishes a tariff of charges, and the structure is simpler than most banks because there is no overdraft and no interest on balances. The headline rules are these:

• UK cash withdrawals: Triodos will not charge you for withdrawing cash from any ATM in the UK⁶. The account terms confirm this: "We will not charge you for withdrawal of cash in the UK"³.
• Cash abroad: there is a charge for withdrawing cash abroad, with the details in the bank's published tariff¹⁷.
• Card payments abroad: using Apple Pay or Google Pay abroad works the same way as the Triodos debit card, and the same charges apply⁶.
• Refused payments: if a payment is refused because there are not enough funds in the account, Triodos does not charge a fee³.
• Cash deposits: cash cannot be paid into the current account at all; money goes in by bank transfer or online⁶.

The debit card is a Visa debit card, so you can withdraw cash at any ATM displaying the Visa logo and get cashback at retailers that offer it³. For today's exact figures, including the overseas withdrawal charge and any account fee, check the tariff on the Triodos website, because charges can change and this page does not carry rates.

One protection worth knowing about on outgoing payments: Triodos takes part in Confirmation of Payee, the UK industry-wide account name-checking scheme. Every time you send money, the bank checks that the name on the receiving account matches the details you have provided and tells you if it does not¹². If you choose to go ahead with a payment despite a non-match and the account turns out not to belong to the intended recipient, Triodos warns it may not be able to get your money back¹⁷.

The Triodos current account has no overdraft

This is the single biggest difference between Triodos and most high street current accounts, and it shapes everything else about the account. Triodos does not offer arranged or unarranged overdraft facilities on its current account⁵. The account terms state it plainly: "We do not offer arranged overdrafts"³.

The consequences run in both directions. On the plus side, an account with no overdraft cannot generate overdraft interest or debt, and independent guidance on basic bank accounts notes the same principle: where there is no overdraft facility, there is no interest to be charged¹⁸. If a payment is refused for lack of funds, Triodos charges no fee³, and if the account's monthly fee cannot be covered and the account briefly goes into unarranged overdraft as a result, Triodos states no additional fees are charged¹⁰.

On the other side, the account only works if you keep it in credit. Direct debits and standing orders that exceed the balance will be refused rather than paid from borrowed money, which can matter if a bill arrives before your pay does. And it affects switching: Triodos cannot accept an account switch if the account you are switching from is currently overdrawn¹⁹. Any overdraft on your old account must be repaid, as your old bank requires, before a switch can go ahead.

For anyone who relies on an overdraft as a buffer, or whose income is irregular, this is a real limitation. For anyone who wants a hard boundary against borrowing, it is the point of the account.

Banking with Triodos: an online bank with no branches

Triodos has no high street branches and no counter banking services, because it is an online bank²⁰. Its terms are equally clear on the Post Office: "Triodos Bank does not currently have an arrangement to bank via the Post Office, and does not have branches"³. The bank's own explanation is that this lets it commit more money to ethical organisations²⁰.

Day-to-day banking is done through the Triodos Mobile Banking App and Internet Banking. All personal and business customers are being upgraded to a new version of Internet Banking²¹. Internet Banking uses a three-stage login, one stage of which involves a digipass, a small physical security device that generates codes²². The mobile app handles payments, card controls, statements and account management.

Card limits can be changed in the app, but for all increases from the default amounts there is a four-hour waiting period before the changes take effect²¹. Changes to nominated savings accounts also carry a 24-hour wait before they become effective, for fraud prevention reasons, though removal of a nominated account is immediate²³.

Triodos also supports Open Banking: third-party providers can connect their apps and tools to your Triodos account through its API, but only with your explicit consent, and you can review and manage these permissions in the app under More, then Preferences and privacy²⁴. When you sign up to an Open Banking service you are transferred to a secure Triodos website²⁴.

The debit card works with Google Pay, provided contactless payments are enabled for the card in the app under More, Cards, Contactless payments. During set-up, Triodos shares your billing address with Google¹⁷.

Support is by phone, email and post, with a Bristol-based Contact Team²⁵. One point on documents: your Triodos account does not have a unique IBAN²⁶, which occasionally matters for receiving international payments.

Opening a Triodos account or switching to it

Current accounts and savings accounts are opened online or in the app. Identity is verified digitally: when you set up an account in the app, your ID photo and a live face recording are held and protected by Triodos Bank and its digital identity verification partner, Fourthline¹¹. Triodos may also use the details you provide to run electronic searches at credit reference agencies, drawing on information from the Electoral Register and fraud prevention agencies²⁷. This is an identity check, not a credit application.

Savings accounts need a nominated account, which must be a sterling account in your name with another UK bank or building society, or an existing Triodos UK account that accepts transfers in²⁶. You can change an existing Triodos savings account to another type, but only to the Triodos Online Saver or Triodos Online Saver Plus, and changes are not permitted from ethical savings bonds, the Right Start Saver, the Fixed Regular Saver, ISAs and several other account types¹¹.

Switching a current account to Triodos uses the industry-wide Current Account Switch Service, with a seven-day switch guarantee²¹. The process Triodos describes:

Personal customers complete the switch application in the Triodos Mobile Banking App once the account is open¹⁹. The whole process takes seven working days and is free⁶. Overdrafts are not transferred, and the account being switched must not be overdrawn¹⁹.

Does switching affect your credit rating? Triodos says no, provided you repay any outstanding overdraft on your previous account as your old bank requires¹⁹. Independent guidance on credit scores makes the same general point: a change of this kind does not affect your ability to get credit²⁸. For anyone without a fixed address, independent guidance notes that some online banks offer a current account where you do not need proof of address²⁹.

Fraud, lost cards and getting money back

Triodos runs several layers of protection and publishes clear rules on when it refunds money. Its card department provides 24-hour transaction monitoring on the Triodos debit card and will block a transaction or the card itself if fraud is suspected²². The card services team is available 24/7 for lost or stolen cards, blocked cards and unusual transactions²⁰.

If your card is lost or stolen, report it and order a replacement in the app under More, Cards, or in Internet Banking under Self-Service, Cards¹⁷. A replacement card should arrive at your home address within five working days²⁷. Note that if your card is blocked or replaced, you will not be able to use Click to Pay on the old card¹⁷.

Unauthorised payments. If your card or security details are used to make a payment or transfer without your permission, Triodos will refund the full amount, minus £35 where applicable, as soon as is operationally possible²³. You must notify the bank as soon as possible and no later than 13 months after the debit date; after that it will not be able to process a claim²². The £35 excess can apply if your card is used after being lost or stolen, or if you fail to keep your security details safe³⁰. You may be responsible for money taken up to the point you report it if you did not keep your details secure, did not report a lost or stolen card promptly, shared your card, digipass or security details with a third party, or knew the account was compromised and failed to tell the bank³⁰.

Push payment (APP) fraud, where you are tricked into sending money yourself, is covered by rules effective from 7 October 2024 that require all banks to reimburse victims²⁷. To claim, you must follow what Triodos calls the Consumer Standard of Caution: follow any warnings from the bank, such as an alert that a payment may be fraud; follow instructions from the police or the National Crime Agency; report the fraud promptly, and no more than 13 months after the last fraudulent payment; respond to requests for information; and report the fraud to the police if asked²⁷. Every claim is assessed on a case-by-case basis³¹.

How Triodos will contact you. If the bank spots suspected fraud on your card, it sends a text message asking you to call; it will never ask for your card PIN, the three-digit CVV code or any digipass information³⁰. Triodos states it will never contact you out of the blue to ask for your mobile app passcode, digipass PIN, card number or PIN, to move money out of your account, to click a link in an email to reach Internet Banking, to download software, or to approve "refunds" through the app³⁰. Spam texts can be forwarded to your network operator using the 7726 shortcode²². If you move house, Triodos advises asking Royal Mail to redirect your post for at least a year, to stop statements and cards falling into the wrong hands²⁷.

Support hours vary: 24-hour support is available for debit card fraud²², while other fraud issues are handled 8am to 6pm on weekdays, with email support at weekends³⁰. If you have been a victim of fraud, Triodos signposts specialist victim support³¹. Our scams and fraud guide covers the warning signs in more detail.

Letting someone else manage your account: Power of Attorney and deputies

A Power of Attorney lets someone else handle your money for you, a point independent guidance makes plainly: "You can choose someone to handle your money for you"³². At Triodos, an attorney can act on an existing account once the bank has proof of the Power of Attorney. Triodos needs the original or a certified copy of the Power of Attorney document, or a Lasting Power of Attorney access code⁵. Certified copies must be sent in colour, certified on every page, with the certification completed within the past three months⁵.

For attorneys appointed jointly, each attorney must complete and send a Power of Attorney Mandate Form before any of them can act; attorneys appointed jointly and severally can each act alone⁵. Triodos sends a letter confirming the Power of Attorney has been added to the relevant accounts⁵. An attorney can also make a subject access request about the customer's data, provided Triodos already holds proof of the Power of Attorney⁵.

To open a brand-new account on someone else's behalf, Triodos needs both proof of the Power of Attorney and a completed application form before the account can be opened and the attorney can act⁵. Guidance on managing money for someone with a disability or long-term condition, including chip and signature cards for people who cannot memorise a PIN, is available from MoneyHelper³³.

When a Triodos customer dies: what happens to their accounts

When Triodos is notified that a customer has died, all their sole accounts are frozen and internet banking access is removed⁵. The bank stops all payments, cancels debit cards in the late customer's name, stops direct debits and standing orders, and stops marketing mailings³⁴. Powers of Attorney are removed, because a Power of Attorney becomes null and void when the person dies³⁴. Joint accounts stay open in the surviving account holder's name, who can keep using them as usual³⁴.

Notification is normally a copy of the Death Certificate and a completed Bereavement Notification Form, and one form covers all of the late customer's accounts⁵. No form is needed if the customer only held joint accounts, or a business account that is not a sole trader account³⁴. To close the accounts, Triodos requires formal verification of the death, normally a Death Certificate; proof of legal representation, such as a Grant of Representation or a Will; and proof of identity and address from the personal representatives³⁴. A Grant of Representation is required where the late customer's assets with Triodos are worth £25,000 or more³⁴. In Scotland, the Grant of Representation or Probate is called the Certificate of Confirmation³⁴.

Other rules Triodos publishes: original passports or a driving licence are not accepted by post; certified copies must be in colour, include the certifier's original signature and have been certified within the last three months; and certifiers can include accountants registered with bodies such as ICAEW or ACCA, solicitors, bank staff and the Post Office³⁴. If you tell Triodos you are applying for Probate, it will not contact you for at least six months³⁴. A valuation of the estate's accounts is usually provided within 10 working days of the Death Certificate being verified, and cannot be given over the telephone³⁴.

Funds can be released early to pay reasonable funeral expenses, once the Death Certificate is provided and an official invoice is received³⁴. Triodos can also pay Inheritance Tax directly to HMRC under the Direct Payment Scheme, up to the balance of the eligible accounts, once the Death Certificate and a completed IHT423 form are received and a legal representative has passed ID checks³⁴. When accounts are closed, funds are paid out in pounds sterling³⁴. ISA accounts are closed three years and one day after the date of death if no instruction has been received from the estate's representatives³⁴. Triodos cannot accept an APS (additional permitted subscription) into a Triodos ISA or facilitate an APS transfer to another provider, though it can provide a one-off valuation of the deceased's Triodos ISAs at the date of death³⁴.

Support for customers with health, access or addiction needs

Triodos states it is committed to providing everybody with the information and services they need to manage their finances³⁵. Customers can ask the Contact Team to log health or access needs on their records, so staff are aware of them on every contact³⁵, and the bank signposts free external organisations offering guidance, help and support³⁵.

For customers worried about money, Triodos publishes budgeting guidance, bill management tips and loss of income guidance, and points to MoneyHelper's online tool for prioritising bills³⁶. For customers living with addictions, whether drug, alcohol, gambling or spending addiction, Triodos says it is committed to encouraging customers to tell the bank, so it can explore anything it can do to help³⁷. For gambling addiction in particular, the mobile app includes controls that can restrict certain transactions³⁷.

Complaints and how your money is protected

Complaints go to Triodos first. If the bank does not resolve a complaint to your satisfaction, you may be able to refer it to the Financial Ombudsman Service, and you must contact the ombudsman within six months of the date of any final response Triodos issues³. The ombudsman can help with complaints about bank accounts and bank cards, and about the way a financial business has dealt with a scam involving unauthorised payments, stolen details or identity theft³⁸. Its service is free.

Deposit protection. Triodos is covered by the FSCS³. With Triodos, this also covers cash held in investment accounts, but not the investments themselves⁶. Because Triodos holds its own UK banking authorisation, your Triodos deposits sit separately from any money you hold with other banks. Our consumer protection guide explains how the scheme works.

The firm behind the brand. Triodos in the UK is registered in England and Wales under company number 11379025, was incorporated on 23 May 2018 and its company status is active³⁹. Its status as a bank can be checked on the FCA Register under firm reference number 817008⁴, and it appears on the Bank of England's list of UK banks authorised to accept deposits². Its registered office is Deanery Road, Bristol, BS1 5AS⁷. Triodos uses NatWest Group as its clearing bank in the UK for payment services²⁰. The bank's terms note that if your address is in Scotland or Northern Ireland, the laws of Scotland or Northern Ireland apply to the agreement, and otherwise the laws of England apply¹⁹.