Ethical banking?

eslick

If you think that co-op and smile are ethical then it really depends on what your views of ethical is. Yes they dont offer funds to companies that develop guns etc but what about their customers. I think it cuts both ways, to be ethical they need to consider their customers in an ethical way and not just consider where they invest.

In July last year the Co-op put up their variable interest rate on mortgages up outside of the Bank of Englands rates, they did this to offer "better mortgage rates to our customer" though we saw no such changes. This was clearly a way of them making more money.

Same bank also increased their exit fees in line with other bank and mischarged me for a product that I didnt need or even know that I had bought as they miss quoted me for my mortgage originally. None of this ethical in my book.

A true ethical bank well there isnt one. The Co-op just think they are.

star2007

Often the most ethical 'banks' are the little regional building societies, that are too small to be funding the huge, unethical companies. Also, you're more likely to get a better, more personalised friendly customer service. And your money will be staying in your local area, rather than getting whisked around the world & invested in commodities and corporations & god knows what.

Otherwise, does your town have a credit union? These are great for people who can't get credit easily, for example who haven't got a bank account, or just need a tiny loan for a grassroots enterprise project, but it is still covered by the Financial Standards association. They offer savings as well as loans. Do a google search to find out. If not, you could set one up yourself!