Put your money where your heart is.
When your money is held by a bank, the bank uses it to generate more money for itself by loans and investment in business elsewhere. Most banks finance activity which is highly damaging to the climate and ecology.
Money talks. You can help influence what business activity is supported by putting your money – and loans and pensions – in the hands of banks or building societies with positive, healthy, humane and forward-thinking investment practices.
The information source below is from EthicalConsumer.org. Please go to this site to see how it evaluates banks’ performance.
Banks to avoid
Barclays is the biggest banker of fossil fuels in Europe, followed by HSBC.
Both banks have also been linked to deforestation and multiple human rights abuses.
Barclays
HSBC
M&S Money (50% HSBC)
First Direct (HSBC)
Other banking financiers of fossil fuels and with other environmentally and socially damaging activities:
Lloyds – banking group includes Halifax and Bank of Scotland
NatWest – banking group includes RBS, Coutts
Santander – group includes Carter Allen
Tesco Bank is the poorest performer in Ethical Consumer banking evaluation for a range of criteria.
Recommended
Best bank
Triodos Bank – easily the best performer, this Dutch bank which only invests only in sustainable and beneficial enterprise such as renewable energy and not in fossil fuels. Provides all usual banking services without local branches. Triodos has a small monthly charge for current accounts.
Also recommended:
Nationwide Building Society – still has a national branch network
Cumberland Building Society – also provides business accounts
Monzo Bank Limited – for business accounts
Starling Bank Limited – for business accounts
Unity Trust Bank – for business accounts
Co-operative Bank (including Smile brand) accounts has positive position statements and maintains an ethical stance across a number of issues.
Check your Bank, Energy provider and Pension provider
This organisation makes it easy to look at the eco credentials of banks, energy providers and pension providers and to research alternative providers/switch based on their performance:
Ethical Consumer is one of their supporters.