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Banks 'need to be more transparent'

Savers have little idea what happens to their money once they have deposited it, according to a new study.

New research from Triodos Bank revealed that just three per cent of savers same phrase as source said banks are forthcoming with information on how their money is invested, while 85 per cent expressed the desire to know more about the financial activities of their savings provider.

More than half (54 per cent) stated they could possible change provider if their bank was not being totally ethical.

Savers are right to want to know what happens to their deposits and the industry must recognise that, said Charles Middleton, managing director at Triodos Bank.

"We therefore urge the major banks to make their business models transparent to customers, with clear reporting on all levels of business," he added.

Triodos classes itself as a sustainable bank that aims to provide social, cultural and environmental change. Its website highlights to savers the investment schemes it is associated with.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800758434-ADNFCR

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