Oxbury Bank launches new carbon mitigation savings account

By Megha Bhattacharya

Agriculture bank Oxbury Bank has announced the launch of 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 the farming and rural community. This UK-first product enables savers to reduce the impact of CO2 emissions and enhance biodiversity.

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.”

According to Oxbury, the product offers a 12-month savings bond with savers’ annual interest at a rate of 0.7% AER directed to fund tree-planting projects run by sustainability partner Forest Carbon.

Recently, specialist platform developer Naqoda announced that it has gone live with its core banking platform at Oxbury Bank. The platform offers a range of core banking features, offering full integration with third party systems. The platform has also been specifically designed to offer low-code development capability so that bank clients are able to control the design, development and implementation of new product and service propositions with flexibility and pace.