The British public wants banks to lend to organisations and projects that benefit society, but most people do not know what happens to their savings while they are deposited with their bank.
This is one of the findings of a new piece of research conducted by Charity Bank, the ethical bank with a mission to use money for good, as it launches its campaign to persuade the public to transfer their Cash ISA to an ethical provider.
Charity Bank commissioned Opinium to research the attitudes of the general public towards various aspects of banking. This research found that:
- 74% of the British public don’t know how the money they save in their bank is being used or invested;
- 71% would like their bank to make it clearer where their money is invested;
- 56% would like to be an offered an ethical option when choosing a savings account; and
- 61% would consider opening a savings account that paid a fair rate of interest and lent money to charities and other good causes.
Patrick Crawford, Charity Bank’s Chief Executive, said, “People don’t know what banks do with their money but the findings tell us that there is an appetite to find out and that people would like their savings to be used for good causes.
“Wherever it’s invested, money takes a journey. This might be around the globe, around the big banks or on the stock markets. Sometimes it does good along the way; sometimes it doesn’t.
“When you open a Cash ISA with Charity Bank, we give you a fair rate of interest, whilst making sure your money takes a shorter journey. It spends less time travelling and is invested directly in charities and projects that benefit people across the UK.