Oxbury Bank Launches UK’s First Ever Carbon-Mitigation Savings Account

8 Apr, 2021

Oxbury Bank, the first 100% dedicated agriculture bank for over 100 years, has announced the launch of a ground-breaking new carbon-mitigation and biodiversity-promoting savings account.

Oxbury Forest Saver enables consumers to save securely and direct their savings interest to fund dedicated woodland creation projects on farms across Britain, while also helping to maintain a thriving farming and rural community. This unique, UK-first product enables savers to reduce the impact of CO2 emissions and enhance biodiversity.

Oxbury Forest Saver is a truly unique product which offers a 12-month savings bond (fully protected by the Financial Services Compensation Scheme), with savers’ annual interest at a rate of 0.7% AER directed to fund tree-planting projects run by leading sustainability partner Forest Carbon.

To begin with, trees will be planted in dedicated new woodland in the Scottish borders, with other farm sites across the UK to follow.  Forest Carbon’s woodland creation projects meet the highest standards of the internationally recognised UK Woodland Carbon Code and are audited and accredited by Organic Farmers and Growers and the Soil Association.

The importance of woodland to reverse biodiversity loss and protect and enhance the prosperity of the rural economy was set out clearly in the Professor Sir Partha Dasgupta’s review for the Treasury published on 2 February 2020.

Tim Coates, Co-Founder and Chief Customer Officer at Oxbury Bank, commented: “Climate change has rightly risen rapidly up the agenda, but practical options for consumers to make their own significant contribution to reversing the impact of climate change are remarkably few and far between.

“The publication of the Dasgupta Review earlier this year makes it even clearer that biodiversity enhancement also needs direct financial support and Oxbury Forest Saver is taking this challenge as seriously as carbon emissions.

Oxbury Forest Saver will have a uniquely positive impact – protecting customer savings and the planet, while also supporting British farming – and with interest rates at all-time lows it offers our customers a cost-effective way of making a meaningful difference as they save.”

Forest Carbon Co-Founder, Stephen Prior, said: “For 15 years Forest Carbon has been at the forefront of innovation in this area – being the first to create carbon funded woodlands and peatland restoration projects. We have very much enjoyed working with the forward-thinking team at Oxbury over the past 2 years, and we think Forest Saver is a fantastic way for people to put their money to good works in a transparent and quality assured way – the impacts will be real, measured and monitored.”