Consumers are increasingly in search of financial products such as current accounts that offer more than just interest on their cash, an expert has noted.

People are becoming more concerned about the ethics of their savings, much in the same way they show an interest in Fairtrade food and other products, said Huw Davies, head of personal banking at Triodos Bank.

"A lot of people do still look around for the best rates and that is understandable, but there are more and more people who are saying I want to get a good rate but I also want to think about other things," he commented.

Mr Davies emphasised that banks and building societies need to react to this need by offering a greater range of products to those who want an alternative means of banking.

The Co-operative Group recently revealed that it saw a near 50 per cent increase in profits during 2010.