Often overlooked is the ethics of the banking world. I'm sure you've read about huge bonuses for banking executives, which is one way that banks are unethical, but how much do you know about what the banks and building societies do with the money you deposit with them? Some are funding fossil fuel mining, others are more considerate to our planet. Check to see how ethical your bank is......

   Is your bank helping or harming the planet? CLICK HERE TO FIND OUT   

In general banks and building societies are not very forthcoming about what they do with your money so it isn't easy to find out exactly where your money is going. One of the big causes of global warming is the burning of fossil fuels and this just has to stop. However, the fossil fuel industry is big and powerful (like the meat industry) so many banks are happy to lend money to them. I will certainly not lend my money to an activity that is causing the destruction of our planet and so I wanted to find a bank and building society that definitely will not lend money to these people.

From my research I have discovered several banks and building societies refuse to lend money to anything that is detrimental to the planet. Of these, some are more open than others about where they invest your money. Two of the best are Triodos Bank and the Ecology Building Society. Both of these will ONLY lend money to sustainable projects that actually benefit the planet, so you can be confident that your money isn't going into other dubious places such as the supply of arms and the meat industry. Unfortunately, Triodos has some limitations on its banking which didn't work for me, but if you can work with this limitation, it certainly is the most ethical bank. Instead I used Monzo who have excellent customer service and a fantastic app which puts most banking apps to shame. They will also make the switch for you which means you can switch to an ethical bank with almost no effort. 

So I switched from my bank to Monzo and my savings account to Ecology BS. It was very easy to open accounts with them and easy to switch. Both are protected by the FSCS so your money is safe. Interest rates are slightly lower than some of the main banks but in my opinion I think it's a small price to pay for the satisfaction of knowing your money is only used for good things. At least check your bank using the link above and then you will be well informed and can decide for yourself. 

Some useful links:

I hope this short article has given you food for thought and, as I know you care about our planet, I hope you will at least read about the ethical banks and think about whether you want to change banks! - Dave

 

 

 

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