Switch To An Ethical Bank

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Switch To An Ethical Bank
Timescale 1 day
Applicable to
Impact Individual
Price Free"Free" is not in the list (free, 500€, 1000€, 1500€, 2000€) of allowed values for the "Price" property.

Overview

Find out if your bank is ethical, and if not switch to an ethical bank, to ensure your money is not being invested in projects which harm people or the environment.


Goals

Determine the ethicacy of your current bank Find a bank which works best for you and the planet.

Timeline

Day 1)

Find out if your bank is considered ethical. If its not, find a bank which you would be interested in switching to. Open an account with the ethical bank. Close your account with your old bank. If you wish, it can be beneficial to inform them why you are leaving.

Full description

Day 1)

Find out if your bank is considered ethical. Dont go onto the banks website, as this will contain greenwashing. Instead try look for an independant ranking of banks in your country. Or, even better see if your bank is on the list of B-corp certified banks, or is a bank that is a member of the organisation "Global alliance for banking on values" (See links below). If your bank is not showing up as an ethical bank, it likely is not investing in particularly sustainable or ethical companies. By switching bank accounts you can insure your money will be invested in companies that better the global situation, rather than harm it. This can have a big impact, for relatively little effort. Therefore, the next step is to find a bank which you would be interested in switching to. Find an ethical bank in your area (Again, look for b-corp certification, a member of "Global alliance for banking on values", or a high-scorer in an independent ethical rankings list. Before switching, check to see there are no fees for creating a bank account, or membership fees for keeping the account going. Make sure the interest rates are okay for you, that the bank has good security, and that the bank is easy to contact in case something goes wrong. To open an account with the ethical bank, call up the bank you wish to switch to, and they will guide you through the process, or do this process online instead. Next, close your account with your old bank. Inform your old bank you are switching, and wish to close your account. Transfer your money to your new bank account. If you wish, it can be beneficial to inform them why you are leaving, so they know they are losing customers due to their poor sustainability and ethics.

Tips/ comments

Links

Find a bank that is B-corp certified. Or a bank that is a member of the organisation "Global alliance for banking on values"