Bank Ethically: Make Your Money Talk
Posted on 04/10/04 by admin
Introduction:
When you bank with most high-street banks you have no real influence over how your savings are being used, or what activities the bank is supporting. However, with ethical banking you can be sure that your savings are not supporting the arms trade, environmental degradation and other unethical activities.
What is ethical banking?
The funds you put into your bank account are given out in loans to individuals and businesses. For most banks, financial return is the only criteria they consider when giving loans - but ethical bank accounts take into consideration wider issues around environmental protection, social responsibility and human rights.
The exact loan giving criteria of ethical banks vary - but all have a focus on making sure you are aware of what your money is supporting.
What ethical banks are there?
The co-operative bank currently operates one of the only high-street bank accounts with an ethical focus. However, a number of online and postal accounts also offer ethical banking….
- The Co-Operative Bank - Offering a student account with an interest-free overdraft up to £1000, the co-operative bank competes well with all other high-street banks - plus, you can rest in the knowledge that the co-operative bank are guided by strong ethical criteria that govern not only the investments of the bank (they won’t invest in the Arms Trade, GM or Animal Testing, but specifically support Fairtrade, Social Enterprises and environmentally friendly projects), but also how the bank sources its daily resources.
- Smile.co.uk - An online bank from the co-operative bank. Offering a current account, online savings and investments all governed by the co-operative banks ethical policy.
- Triodos Bank - Triodos offer postal current and savings accounts, offering you the chance to choose an account based on who will benefit from it. Tridos only make loads to “organisations that benefit people and the environment”
More information coming soon…..