Ethical Savings for Children

greentomato

Hi Everyone

I've had a search through the threads but haven't found anything on this. I want to open up a savings account for my daughter to put in the money she is given for Christmas, birthdays etc. I've read Martin's article about children's savings accounts, but nothing is mentioned about ethical children's accounts. Has anyone got any experience of this?

I've looked at the Co-op, they do have a children's savings account (although the AER is 4.25%, a lot less than the Yorkshire Building Society 5.45% recommended by Martin. But I guess being ethical isn't always cost-effective!)

Anyway, before I proceed I wondered if anyone had done any ethical saving for their children. I've already got an ethical Child Trust Fund, but don't want to put everything into that.

Thank you,

Ken-Dodds-Hairy-Knodule

Depends how ethical you want to be really.

There is nothing at all ethical about capitalism - and putting money into the banking system (even into an 'ethical' account) is just perpetuating that.

Obviously not what you wanted to hear, so I'll let someone who might know who is the most 'ethical' of the banks answer. =]

BungleGirl

Not generally the best interest rates and sometimes no interest at all but what about your local credit union?

You can search by are on https://www.abcul.org

Lots of general info about credit unions on there too.

Justie

as Ken Dodd says it depends on what you're looking for in ethical banking really. If you don't want the money invested in arms, oil etc then that's one criteria, if you want a bank who treats their staff well that's another etc etc. The Good Shopping Guide has an overview of banks and building societies and how ethical they are given certain criteria - if I could find my copy I'd give you more details but from memory apart from the Co-op which is an obvious one places like Abbey scored well but in general the big high street banks didn't do too well. If you can find a small building society that is still mutual then that may be a good bet long term on a number of levels as they tend to operate on a smaller level and so not invest directly in arms etc (although any investment on the FTSE will have some ethical problems) and as they tend to operate on a local level it means that call centres etc are often small scale and in the UK and should the Building Society ever have an offer to be bought out you can have a say in its future and maybe benefit from a windfall... If I can find the shopping guide or if anyone else has a copy to hand then we can look up specific institutions for you.