Protests outside Barclays branches and the recent arguments over Baillie Gifford's sponsorship of book festivals, have put the spotlight on the investments behind big banking institutions. For most people, choosing an ethical home for their current account will be the easiest way to ensure their money is used in an environmentally friendly, or socially responsible, way.
Consumer group Which? names three "eco providers" for current accounts: the Co-operative Bank, Nationwide Building Society and Triodos Bank. These also fare well on the green money website MotherTree, which has ranked major UK banks on how much £10,000 in a current account contributes in carbon emissions.
Bottom of its table - so therefore the winner - is Triodos, followed by the Co-op, and then Nationwide.
But with the Co-operative Bank heading for a takeover, and Triodos no longer offering overdrafts from Monday, you could be forgiven for wondering if they remain the best choices.
Here we ask whether they still offer a good deal for those looking for an ethical home for their everyday account.
The Co-operative Bank
It is famous for its customer-led ethical policy which focuses on "our planet, our people and our communities”.
It is committed to not providing banking services to businesses and organisations that conflict with its policy because of - for example their involvement with fossil fuel extraction.
It recently confirmed it is being taken over by Coventry building society. The Co-operative Bank name may eventually disappear from high streets, and it is not clear what will happen to its ethical policy in the longer term.
The takeover due to take effect in early 2025 - has left some of its customers concerned. One account-holder, who banks with it because of its ethical stance, emailed Guardian Money to ask about other banks she could transfer to, if necessary.
This story is from the June 15, 2024 edition of The Guardian.
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This story is from the June 15, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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