Best ethical UK current account

notthenewsreader

Hi all

Can anyone recommend a good, ethical bank that gives decent interest and all the usual features: internet banking, etc? I have heard good things about Smile and they even give you a cash incentive for switching but I just wanted to make sure.

Many thanks

notthenewsreader

PeacefulWaters

Ethical covers a wide range of things.

What are your primary ethical requirements?

innovate

Smile is a trading name of the Coop Bank. You know, the one that had to pay millions back to PPI victims, the one who suddenly found a cool couple of billion missing from their accounts, the one with the cocaine snorting imbecile who didn't even know how much his bank was worth. If these sorts of things are included in your definition of an ethical bank, Smile could be a good choice.

To be fair, no UK bank appears to have avoided the PPI scandal, and some others also found holes in their accounts. Most of the other bank chiefs did avoid doing stupid things in public though.

HardSpend

I really don't think Co-op are ethical, at least not anymore ethical than any big bank. Co-op and RBOS (those are the only two I know from experience but I wouldn't be surprised if they are all the same) hold back payments from small businesses driving them into liquidation in order to profit from their downfall. Both bullies. It's not just my experience I remember this being in the papers earlier this year/last year as well.

notthenewsreader

ok guys, tall order time... I am basically looking for a current account with a debit card, online banking, the ability to set up Direct Debits, doesn't charge a monthly fee and reinvests profits back into the bank. Anyone got any suggestions?

robatwork

This question has come up here several times.

You won't find what you want. However you may want to email the CEO of M&S bank as they offer an incentive and MAY fulfill your other criteria, but I would get it in writing first.

Come back and let us know if you find one....

innovate

Didn't know we have a conservative government, and that it is corrupt. You never stop learning.

OP, a credit union might come closest to your wishes, though not sure how ethical you would think it is to charge higher interest rates for loans and overdrafts than a high street bank would.

ColdIron

innovate wrote: »

Didn't know we have a conservative government, and that it is corrupt. You never stop learning.

Agree, I thought it was a rather immature post but I can't, off the top of my head, think of any retail bank that makes political donations apart from the Co-op (via other parts of the group) so he should be OK on that front

PeacefulWaters

notthenewsreader wrote: »

ok guys, tall order time... I am basically looking for a current account with a debit card, online banking, the ability to set up Direct Debits, doesn't charge a monthly fee and reinvests profits back into the bank. Anyone got any suggestions?

You don't want a bank.

You want a building society.

Try Nationwide or Coventry.

Archi_Bald

ColdIron wrote: »

I can't, off the top of my head, think of any retail bank that makes political donations apart from the Co-op

This might stop now that the Coop is in dire financial straits, and that the Labour Party is moving to Unity Trust Bank?

http://uk.reuters.com/article/2014/04/24/uk-coop-labour-idUKBREA3N0L320140424

ColdIron

Archi_Bald wrote: »

This might stop now that the Coop is in dire financial straits, and that the Labour Party is moving to Unity Trust Bank?4

Indeed but then in a very real sense they'll be bought and paid for by the unions. It should be good for the Co-op however as I've always thought that giving political loans at better rates than you would give to your own members was always a bit, well, unethical and we should be pleased to see the back of it