Ethical Banking

jaygil

I am looking for information on the most ethical and environmentally conscious banks/building societies. Ideally it would be great if there were a way to combine ethical concerns (not investing in fossil fuels, paying workers decent wages, etc) with traditional money saving concerns such as better interest rates or other perks.



Does MSE have or intend to have a section on the best ways to use our money to support the environment as well as trying to save money? In banking, saving, investing, pensions, and wherever we spend our money we need to find suitable compromises between saving money and saving the planet.


Has Martin spoken about this? He has (and this site has) such a big platform and can influence people to switch in large numbers.



Thanks

Zanderman

jaygil wrote: »

I am looking for information on the most ethical and environmentally conscious banks/building societies. Ideally it would be great if there were a way to combine ethical concerns (not investing in fossil fuels, paying workers decent wages, etc) with traditional money saving concerns such as better interest rates or other perks.
Does MSE have or intend to have a section on the best ways to use our money to support the environment as well as trying to save money? In banking, saving, investing, pensions, and wherever we spend our money we need to find suitable compromises between saving money and saving the planet.
Has Martin spoken about this? He has (and this site has) such a big platform and can influence people to switch in large numbers.
Thanks

The only readily available ethical bank is Triodos - but you probably know that already.

As for MSE and whether they have plans to advise or promote this concept, you'd be better asking MSE. This is the public forum provided by MSE - it isn't actually MSE, it's just ordinary people who like to discuss money stuff!.

Various MSE contact info is listed at https://www.moneysavingexpert.com/site/site-contacts/

realaledrinker

Also consider Co-operative Bank surely? Although their rates are as bad as Troidos'. Decent current account & app.

boo_star

realaledrinker wrote: »

Also consider Co-operative Bank surely?

They probably fail on "paying workers decent wages" though.

Zanderman

realaledrinker wrote: »

Also consider Co-operative Bank surely? Although their rates are as bad as Troidos'. Decent current account & app.

Coop Bank is now largely owned by hedge funds - and its ethical policy, whilst still in place in principle, is rather more questionable these days as it is no longer part of any Co-op..

System

I subscribe to the Ethical Consumer magazine and they did a report on ethical banking last year. Triodos does indeed come top, but at a cost of £3 per month. Other banks near the top of the list are Nationwide, Cumberland BS, Revolut, Monzo, Starling and Metro Bank. The co-operative Bank comes a little further down, in the middle of the list with a score of 7 vs 12.5 for Metro bank and 16 for Triodos. Ethical Consumber still gives the co-op a 'recommended' status with "Also scoring well: Co-operative Bank and Smile, which still have a sector-leading ethical policy.".

Ethical Consumer looks at what companies don't do as much as what they do, which explains why banks such as Metro Bank do well.

As you could imagine, the big high street banks are at the bottom of the list. Tesco Bank & M&S are the worst with a score of 1, just below RBS and HSBC which score 2, Barclays gets 2.5, TSB 4, Lloyds, Halifax and BoS manage 4.5. Santander gets a 5.

Jakerrs

scgf wrote: »

I subscribe to the Ethical Consumer magazine and they did a report on ethical banking last year. Triodos does indeed come top, but at a cost of £3 per month. Other banks near the top of the list are Nationwide, Cumberland BS, Revolut, Monzo, Starling and Metro Bank. The co-operative Bank comes a little further down, in the middle of the list with a score of 7 vs 12.5 for Metro bank and 16 for Triodos. Ethical Consumber still gives the co-op a 'recommended' status with "Also scoring well: Co-operative Bank and Smile, which still have a sector-leading ethical policy.

Ethical Consumer looks at what companies don't do as much as what they do, which explains why banks such as Metro Bank do well.

As you could imagine, the big high street banks are at the bottom of the list. Tesco Bank & M&S are the worst with a score of 1, just below RBS and HSBC which score 2, Barclays gets 2.5, TSB 4, Lloyds, Halifax and BoS manage 4.5. Santander gets a 5.

If you don't mind me asking, who was higher out of Starling and Monzo?

System

Jakerrs wrote: »

If you don't mind me asking, who was higher out of Starling and Monzo?

They both scored 13, along with Revolut.