Switching to an ethical bank - which would be right for me?

helloall2

Hello everyone,
I've been doing a bit of research for opening a current account with a more ethical bank.

I think the most important things for me are

1. Online banking
2. Easy access to my money
3. The ability to withdraw my money from a cash machine in foreign lands (particularly europe and south america, but across the world too)
4. Easy cash transfers to and from my account

I'm assuming that as long as I have a Visa card I should be able to easily do 2 and 3 no problem.

I currently have a barclays account, and it does everything I want it to do, but I don't want to bank with barclays any longer.

I have narrowed my search down to:

- Co-op (seems more questionable than 2+ years ago but still seems like one of the most ethical options)
- A building society like Halifax or Natwest (recommended?)
- Troidos (although they don't seem to do current accounts, only savings and ISAs. Is this correct?)

I'll probably give co-op a go as long as I can do all of those things listed above.

Thanks for the help!

badger09

Neither Halifax nor Natwest are building societies:cool:

As you say, Troidos or rather Triodos, don't offer personal current accounts.

Can you explain what you mean by ethical?

PeacefulWaters

The nearest to "ethical" in the mainstream space is probably nationwide building society.

Fits your other criteria well too.

agrinnall

I'd hazard a guess that Nationwide is what you meant when you said NatWest. I'm not sure that there is any account provider that can really be described as ethical but of the big players Nationwide probably is your best bet. MSE has a guide to ethical accounts here http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#ethical

jonesMUFCforever

Bank of Syria? Bank of China? Bank of Russia> No; ok then all UK banks are there to make a profit first and foremost.

Building societies and Credit Unions claim to be in existance for the benefit of their members (although a lot of B/Socs CEO's salaries suggest they benefit a lot more!)

What you are looking for does not exist in the real world.

cheesetoast

Have you considered credit unions? And how do you mean "ethical"? Remember that "ethical investment of customer's money" and "treating customers ethically" are two different things.

"Humane society approved meat" still kills the cow, so to speak.

jonesMUFCforever

Bank of Syria? Bank of China? Bank of Russia> No; ok then all UK banks are there to make a profit first and foremost.

Building societies and Credit Unions claim to be in existance for the benefit of their members (although a lot of B/Socs CEO's salaries suggest they benefit a lot more!)

What you are looking for does not exist in the real world.

diamonds

Ethical? 100% = under the mattress/bank of mum and dad

I couldn't find one so I went for those who paid me, TSB and Halifax Reward, ethics is in the mind, they pay me...I can offset that to a good cause.