Triodos Bank UK

[Vital Spark]

:?:Hi, does anyone know anything about this Triodos Bank UK?

 

It reads well on paper, I like the ethos but someone told me that it doesn't come under UK regualtion. What problems would this create or potentially create?

 

I want to open a savings account for my two youngest grandchildren who were born after the governmentc eased that £200.00 binds/gift/allowance given to newborn children. Any ideas of a good bank or investment: £100.00 each to open one: strugglign to get that together. Like so many otehrs, I'd love to but simply can't afford more.

 

[BRIGADIER2JCS]

Triodos ''ethical investment banking'' seem to stack up pretty well, have you looked at their website?

[Vital Spark]

Thank you for responding Brigadier2JCS.

 

I did look at their site but I am not the most adept, when it comes to anything to do with computers, so I may well have misread/interpreted or overlooked some vital detail. I was perfectly happy to use them until someone advised me that they are not UK regulated.

 

To be honest, I am not sure what UK regulated is. Does it mean comes under OFT durisdiction? Does a bank not being UK regulated mean that we, in the UK, have no comeback if anything goes wrong?

[cerberusalert]

All know about it is it's covered by the Dutch deposit guarantee scheme as it's based in the Netherlands so would be governed by EU financial/banking policies/regulations.

 

http://www.triodos.co.uk/en/about-triodos/important-information/deposit-guarantee-scheme/

[Vital Spark]

Thank you cerberusalert for your response.

 

I see my dyslexia was at play. I meant jurisdiction not durisdiction

 

Your referral to EU suggests then, that we, in Scotland, are protected, unless of course, we get independence and find ourselves out of the EU.

 

Does anyone know if Martin Lewis has already scrutinised Triodos and, if so, can you direct me to/provide a link to his findings?

 

[Vital Spark]

Cerberusalert, are you, by any chance a lighhouse keeper?

[cerberusalert]

There are a couple of threads on MSE such as this; http://forums.moneysavingexpert.com/showthread.php?t=4124167

 

Cerberusalert, are you, by any chance a lighhouse keeper?

No but I wish I was, especially if a doorstep collector came along.

 

[Vital Spark]

Hahaha! I do love your humour. Also as it shows in "Vir prudens non contra ventum mingit"

 

Okay, not a lighthouse keeper but do you really live on Muckle Flugga? My favourite place name of the week.

 

BACK now to point of post:

 

Thank you for the links.

 

I am still not sufficiently confident to put the wee ones' money into Triodos.

 

I'm not understanding the financail patter. Although my spelling is somewhat artistically creative, using full scope of that licence, my dyslexic problems are much more inclined towards dyscalcullia and financially minded people, like Martin Lewis, blast out technical jargon sometimes giving what, to them, appears a simplified explanation....but it's NOT. LOL! I should know: simple lives inside my head.

[cerberusalert]

Hahaha! I do love your humour. Also as it shows in "Vir prudens non contra ventum mingit"

 

Okay, not a lighthouse keeper but do you really live on Muckle Flugga? My favourite place name of the week.

 

 

No I don't live in Muckle Flugga but I used to live near here;

[BRIGADIER2JCS]

Are you sure that it's no Muckin Fuddle Cerbs?

[cerberusalert]

I've lived in or near some strange places;

 

 

 

[Vital Spark]

Where are "Whip-Ma-Whop-Ma-Gate"; "Wetwang" and "Land Of Green Ginger"? I must go see for me. Milngavie adn teh West Highland Way, I know well enough.

[maroondevo52]

I was in Milngavie every day last week

[Vital Spark]

I Googled and discovered.

[Vital Spark]

I wish there was some sort of table at the top of each thread to explain the abbreviations. Of course, perhaps there is a thread dedicated, entirely, to explaining abbreviation> I just get lost.....

 

See J Morrison:

[Vital Spark]

SO, since I can't seem to work out whether Triodos is a good place to bank or not, any ideas on the best place to build a savings account for my two youngest grandchildren: ages almost 2 and just turned 1yr old.

[maroondevo52]

Hi,

 

It's not something I've really looked into, I found this on MSE...............

 

http://www.moneysavingexpert.com/savings/child-savings-tax-free

 

Not sure if it helps or not

[Vital Spark]

Hmmm, I can't work out whether to risk it or not. Mind you, I am extremely wary of banks. Dyscalculus is my main dyselxia problem and, of course, banks, who have already proved themselves, over and over, to be untrustworthy, deal in figures. LOL! Makes us great friends.

 

I have heard of a project in Scotland, in which they helped/enabled by lending when other banks didn't see enough profit in it.

 

Will have to give it more thought.

[maroondevo52]

Any spare dosh I have's in my Local Credit Union

[Vital Spark]

I've heard of Local Credit Unions. What are they? Where are they and how to access them?

 

How local are they? Who runs them?

[Vital Spark]

I have to go lie down. Will check in again, after hospital, tomorrow.

 

Thanks again

[maroondevo52]

I've heard of Local Credit Unions. What are they? Where are they and how to access them?

 

How local are they? Who runs them?

 

Hi, there's a link here from MSE explaining the in's and out's of Credit Unions.

 

http://www.moneysavingexpert.com/banking/credit-unions

 

 

I've been a member for years, good for saving and low cost loans to the members. Once you have started saving with them after a short period you are eligible for a loan, I save with them paying by standing order, any time I've had a loan from them they give you a cheque you can cash at your Local Bank.

[IdaInFife]

I was a bit wary of trust funds but as my oldest was guranteed a trust fund deposit went ahead and it has increase each year and have started one for the wee one now.

 

Albeit their is a risk.

 

But Am now considering leaving them as be and going to local credit union

[Vital Spark]

Now this is going to come as a HUGE, nae, ENORMOUS surprise to all who know me and my dyslexic ways. :/ I forgot my user name and d=password, according to sign in today. I followed the procedure as guided (well, I think I did) but the procedure didn't jsut change my password, it provided me with an entirely new user name and password, which I don't want.

 

On checking my user name, here, it seems I was correct in thinking it was Vital Spark and I am sure as in SURE, that my password was correct too.

 

How do I now use my Vital Spark instead of this new, given Melac name?

 

Has anyone else experienced problems signing in today?

[Vital Spark]

However, to continue while I have a good spell which enables me to sit....

 

Thank you all for your help and advice, to date.

 

Can I ask what, if any interest the Credit Unions offer? Thinking of growth for grandchildren's accounts.