Where to move your money for a fossil-free account
January 14, 2015
If you’ve just read our How to Switch Guide then you’ll already be clued up on how easy, simple and safe it is to switch to a better banking provider.
Great! But where’s the best place for your money? Our Where to Switch Guide is on hand to help! This Guide will help you find a great service that meets your banking needs while also delivering on your ethical demands. That’s right folk – you can have both!
Building societies are mutuals. That means they are run by members and for members. With no external shareholders clamouring for dividends, all profits are reinvested to ensure the best service. Coventry, Nationwide and Leeds all provide current accounts with branches up and down the UK. While others such as Cumberland and Norwich and Peterborough provide current accounts only in their local areas. Building societies are run democratically giving you a say in important decision-making.
Reliance Bank has one of the best scoring current accounts on our scorecard. Wholly owned by the Salvation Army, Reliance Bank has a strict ethical investment policy with refuses to put money into the fossil fuel industry. Instead, all profits are reinvested into the Salvation Army’s charitable work. Although Reliance Bank do not have a UK-wide branch network, their internet banking and friendly telephone service (charged at local not premium rates!) are on hand to meet all your needs.
With the Co-operative Bank, your money is also 100% fossil free. In fact, it is enshrined in the Co-op’s ethical policy that activities contributing to climate change will not be financed. A recent Ethics poll demonstrates a commitment to upholding customer values. The Co-operative current account is also a great option for students looking for an interest-free overdraft.
For savings and mortgages, Ecology Building Society and The Magnificent 7 are among the best places to put your money. With environmental values at the forefront of their business, Ecology are unique in that they specialise in mortgages and loans for eco-builds. You can check out the individual ratings for all UK building societies using our Ethical Scorecard.
Both Charity Bank and Triodos Bank guarantee that your savings are 100% fossil free. With healthy financial returns for savers, both banks are kind to your pocket as well as your values. Charity Bank lends solely to charities and social enterprises while Triodos are big on financing renewables. So between the two, you can’t really go wrong!
If you’d rather go local, credit unions are a great option. Saving with a credit union gives you access to loans at some of the most competitive rates around. Meanwhile, you are actively supporting your local economy and contributing to a stronger community. You can find your local credit union here!
Investments and Loans
Crowdfunding and peer-to-peer (p2p) platforms are booming! Thousands of individuals are already taking advantage of platforms such as Abundance, Trillion and Ethex where you can enjoy complete control over the projects you choose to finance. While there are always risks with any investment, many are receiving great returns while doing a lot of good too – so there is no better time to get involved!