Forum Home» Green & Ethical MoneySaving

Money Moral Dilemma: Should I switch to a greener bank?

New Post Advanced Search

Money Moral Dilemma: Should I switch to a greener bank?

edited 30 November -1 at 1:00AM in Green & Ethical MoneySaving
24 replies 11.8K views
MSE_SarahMSE_Sarah MSE Staff
289 posts
Sixth Anniversary 10 Posts I've been Money Tipped! Newshound!
MSE Staff
edited 30 November -1 at 1:00AM in Green & Ethical MoneySaving
This week's MoneySaver who wants advice asks...
I'm concerned about climate change, and recently found out my savings are with a bank which invests in the fossil fuel industry. Should I pick a more environmentally-friendly bank, even if it means I earn less interest?

Unfortunately the MSE team can't always answer money moral dilemma questions as contributions are often emailed in or suggested in person. They are intended to be enjoyed as a point of debate and discussed at face value.

If you haven’t already, join the forum to reply!

Got a Money Moral Dilemma of your own? [URL="mailto:"]Suggest an MMD[/URL].

Follow MSE on other Social Media:
MSE Facebook, MSE Twitter, MSE Deals Facebook, MSE Deals Twitter, Forum Twitter, Instagram, Pinterest
Join the MSE Forum
Get the Free MoneySavingExpert Money Tips E-mail
Report inappropriate posts: click the report button
Point out a rate/product change
Flag a news story: [email protected]


  • NonnadilucaNonnadiluca Forumite
    307 posts
    Fourth Anniversary 100 Posts
    Once you know what your money is being used for, you can't unknow it. I moved mine at the beginning of the year when I realised.
  • gsmlnxgsmlnx Forumite
    1.7K posts
    You should pick a bank on whether it is well ran and will be here in 50 years time. And does it provide the services you require when you require them.
    I always have doubts about organisations that claim something special like Climate awareness or anti tobacco stances (just 2 examples). Take any claim with a big pinch of salt.
    If they avoid some specific areas then where do they lend money out? To drugs cartels or weapons manufacturers? Or oppressive regimes around the world? The list goes on.
    You might just swap to a bank which does worse things with your deposits.
  • Yes - stand by your principles.
  • staggeredstaggered Forumite
    325 posts
    Part of the Furniture 100 Posts Combo Breaker
    I'm sure they're not perfect but, as a rule of thumb, building societies are considered more "ethical" than banks.
  • I agree about Building Societies. For full banking services what about the Co-op? We've been happy since switching and they are definitely ethical - go to the Co-operativebank website and take a look at Values and Ethics under "Who we are "
  • REJPREJP Forumite
    186 posts
    Third Anniversary 100 Posts Name Dropper
    I recycle stuff, walk to places if I can, take the bus or train the 10 miles to town if I have to. So if my bank offers me a decent interest rate on my savings, I suggest I have already tried to reduce my carbon footprint by using services which will run if I don't use them.
    How sure are you that your proposed bank is going to reduce climate change? Presumably they use electricity for tills etc, do they have solar panels for daytime use? Do their staff walk to work, or use the car?
    Where is this a dilemma?
  • Thing is, incompetence is never ethical.
  • anotheruseranotheruser Forumite
    2.9K posts
    Seventh Anniversary 1,000 Posts I've been Money Tipped! Uniform Washer
    What's your priority?

    Your care for the environment or a token payment every month?

    When you answer that, you have answered your question.
  • Definitely. Triodos have recently started a UK current account; their ethical credentials are well-nigh impeccable, and they've been running since 1980, so they're an established player.

    Check out Ethical Consumer magazine (and website) for much more info on these sort of questions.
  • SurferSurfer Forumite
    361 posts
    I would invest where I get the best interest rate and not bothered by banks that claim to be green as mostly what they profess to do is a lot of hogwash to con the consumer. For example, I bet the bank manager drives a car that runs on fossil fuel as do most of the staff.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support